Beleaguered Japanese crypto exchange DMM Bitcoin is set to cease operations. Its assets will be transferred to SBI VC Trade Co., a subsidiary of SBI Holdings, Inc. According to an agreement between the two companies, all DMM Bitcoin users’ assets will be transferred to SBI VC Trade Co. sometime in March 2025.
In a notice released Dec. 2, SBI VC Trade Co. said it plans to begin handling 14 cryptocurrency spot trading items currently handled by DMM Bitcoin before the asset transfer. The notice also disclosed that discussions regarding the final transaction will continue and further details will be shared at an appropriate time.
“The two companies will continue to discuss the conclusion of this agreement regarding the transfer of accounts and assets held by the Company. We will promptly announce any matters to be disclosed regarding this matter, such as the specific transfer date and transfer method, once they have been determined,” the translated statement said.
The announcement of DMM Bitcoin comes just over six months after a major hack resulted in the loss of 4,502.9 bitcoins (BTC), valued at around $303 million.
Following the hack, DMM Bitcoin, part of the DMM Group, announced plans to raise approximately $320 million (50 billion yen) to reimburse affected users. According to Immunefi, a platform tracking hacks and breaches on crypto platforms, the DMM Bitcoin attack was one of the largest single-entity losses in 2024.
DMM Bitcoin confirmed the deal and stated it will continue its investigation into the May 31 hack. The exchange noted that during this investigation, withdrawals and new purchase orders for spot crypto assets were restricted. However, DMM Bitcoin determined that continuing this situation for an extended period would significantly inconvenience customers.
The crypto exchange confirmed its intention to discontinue operations once the asset transfer to SBI VC Trade Co. is complete.
