The post DMM Bitcoin’s Closure Unfolds Amid Hack Investigation and Account Transfer to SBI VC Trade appeared on BitcoinEthereumNews.com.

The Japanese crypto exchange DMM Bitcoin is set to cease operations following a massive $320 million hack that disrupted its services earlier this year. The exchange announced that customer accounts and assets would be transferred to SBI VC Trade as part of its effort to ensure customer protection amidst the fallout. Suspicions point to the Lazarus Group, a known North Korean hacking collective, leading to calls for enhanced cybersecurity measures across the Japanese crypto landscape. DMM Bitcoin is shutting down after a major hack, prioritizing customer protection by transferring accounts to SBI VC Trade amid increased security concerns. DMM Bitcoin Confirms Shutdown Following $320 Million Hack DMM Bitcoin, one of Japan’s notable crypto exchanges, has announced its decision to liquidate following a catastrophic cyber attack earlier this year. The hacker breach, which led to a staggering loss of $320 million, severely impacted the platform’s operations. Reports from The Nikkei indicate that despite attempts to generate sufficient capital to recover from the breach, the decision to close was ultimately inevitable. Interestingly, the exchange’s social media platforms have yet to provide updates regarding this closure, while its blog appears to be inactive as well. In a statement made prior to the blog’s inactivity, DMM Bitcoin expressed remorse and a commitment to customer care: “With the protection of our customers as our number one priority, we have decided to transfer all accounts and assets held with us to another company. We sincerely apologize for the inconvenience caused to you over such a long period of time. As a result, the company plans to discontinue its business once the transfer is complete,” read the statement. Reflecting on this challenging period, it is evident that DMM Bitcoin valiantly attempted to safeguard its operations. Following the hack, the company engaged in fundraising activities in June, aiming…

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Filed under: News - @ December 4, 2024 5:21 am