JAPANESE CRYPTO EXCHANGE DMM BITCOIN TO CLOSE AFTER $300 MILLION ATTACK❗️

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In May 2024, DMM Bitcoin, based in Japan, was subjected to a cyber attack resulting in the theft of 4,502.9 BTC, with a value exceeding 300 million dollars. This incident has been recorded as one of the largest crypto hack events of the year. The company made various financing attempts to secure user assets: 5 billion yen in loans, 48 billion yen in capital increase, and an additional 2 billion yen in loans. However, these measures proved insufficient to ensure the continuation of the exchange.
DMM Bitcoin has announced its plan to end operations by March 2025. Its assets will be transferred to SBI VC Trade, the crypto arm of Japanese financial giant SBI Group. During this process, customer accounts will be transferred, but open positions will need to be closed before the transfer. Additionally, SBI VC Trade will list the 14 cryptocurrencies traded on DMM Bitcoin on its own platform.
DMM Bitcoin, although it increased its security measures after the attack, this incident has once again brought up security vulnerabilities in the Japanese crypto ecosystem. It is emphasized that stronger cybersecurity measures will be needed in the future. This situation has highlighted the need to reassess the risks and security priorities of the crypto ecosystem.
References:
1. Crypto.news: “DMM Bitcoin, $320m to pay back victims”
2. Bitcoin News: “Japanese Crypto Exchange DMM Bitcoin Suffers $300 Million BTC Leak”
3. Crypto World News: "Japanese Exchange DMM Bitcoin Faces $308 Million Hack"