The Japanese exchange had so far limited its services like withdrawals and the approval of buying orders for spot crypto assets after losing its funds.
SBI VC Trade revealed that the firm will take on the 14 crypto new spot trading that is so far controlled by DMM Bitcoin before the transfer of the assets.
The exact date of acquisition is not specified yet and is set to be disclosed in an upcoming announcement.
A crypto exchange from Japan, DMM Bitcoin will cease its activities and will transfer its accounts as well as assets to the trading platform SBI VC Trade in March 2025. The publicization has been made through a statement passed on December 2.
This decision was followed by a hack through which the platform had to suffer a lot in May this year. Hackers drained more than 4502.9 bitcoins (BTC), whose worth was estimated at $305 million at the time of the hack.
The second-largest hack in Japan
The Stolen Bitcoin was then transferred to various addresses, which somehow increased the difficulty in identifying the real culprit and getting the stolen assets back. This hack is considered the third-largest hack in the history of the crypto industry, second second-largest hack in Japan and the largest after December 2022. In Japan, the largest hack is considered to be a $534 million Coincheck hack.
The Japanese exchange had so far limited its services like withdrawals and the approval of buying orders for spot crypto assets after losing its funds. The platform also accepted that permitting the situation to carry on would cause harm to the customers.
It further went on to state that, we profoundly apologize for the trouble caused for a prolonged period of time. The person behind this hack remains unrecognized, however, it is speculated that the shadowy cyberhackers from North Korea, the Lazarus Group are somehow involved in this.
The date of acquisition is specified yet
The funds accumulated through the hack also appear to have been transferred through Huione Guarantee, a payments firm from Cambodia that has permitted the laundering of billions of illegal funds.
SBI VC Trade revealed that the firm will take on the 14 crypto new spot trading that is so far controlled by DMM Bitcoin before the transfer of the assets. The gain is planned to be done before the transfer of customer accounts and assets, making sure of a swift transition for the hacked users of the exchange.
The exact date of acquisition is not specified yet and is set to be disclosed in an upcoming announcement.
