DMM Bitcoin Exchange Closes After Major $305 Million Hack

DMM Bitcoin, one of the major cryptocurrency exchanges in Japan, has officially announced its closure and will proceed with liquidation following a major hack that occurred in May 2024, resulting in losses of up to 48.2 billion yen, equivalent to $305 million. This hack resulted in the theft of 4,502.9 BTC and is considered one of the largest incidents in the history of cryptocurrency in Japan, ranking third in terms of value lost, only behind the Mt. Gox and Coincheck incidents.

According to information from DMM, all customer assets will be transferred to SBI VC Trade around March 2025, in order to ensure the rights of users. However, the hack has rendered DMM Bitcoin unable to provide full services to customers and forced the company to abandon all efforts to restore business operations.

In addition, hackers linked to North Korea's Lazarus group are believed to be behind this hack, with the ability to launder the stolen funds through various channels and platforms, creating one of the most serious scams in the crypto industry.