The Tokyo-based company originally offered 24 virtual assets that could be traded on its platform, but with the acquisition of DMM Bitcoin, 14 cryptocurrencies will be added, including Tron (TRX), The Sandbox (SAND), Algorand (ALGO)
and Maker (MKR). As part of the acquisition, SBI will also take over all previous leveraged DMM trading pairs other than those it already offers. The company also clarified that open leveraged trading positions will not be transferred.
According to the notice, staking will be automatic, and #Ethereum (ETH), Avalanche (AVAX), Oasis (OAS), Flare (FLR) and Hedera (HBAR) on DMM Customers holding these assets can get staking at SBI. If they continue to hold these assets, they are expected to receive their first staking reward in April 2025.
DMM #Bitcoin announced that it has decided to cease operations after months-long efforts to recover from a multi-million dollar attack in late May failed. The platform lost more than 4,500 BTC worth about $305 million, making it the second largest cryptocurrency hack in Japan after another exchange Coincheck lost $523 million worth of NEM tokens in a 2018 incident.
The DMM hack was allegedly carried out by threat actors linked to the Democratic People's Republic of Korea (DPRK), known as TradeTraitor In July, more than $35 million stolen from the exchange was laundered through the notorious Cambodian online marketplace Huione Guarantee. During
pseudonymous detective ZachXBT compared this method of money laundering to that used by another North Korea-linked organization, the infamous Lazarus Group. DMM promised to reimburse affected customers. However, even after DMM borrowed 50 million yen to compensate its users, the damage to its operations was so severe that it decided to transfer all assets to SBI VC Trade.
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