The Japanese crypto exchange DMM Bitcoin has scheduled its closure following a catastrophic $320 million attack earlier this year. The exchange recently announced the transfer of all client accounts and assets to SBI VC Trade, a leading Japanese financial company specializing in cryptocurrency.
March 8, 2025, is the scheduled change; SBI guarantees a flawless DMM customer process. SBI will automatically manage the transfer, therefore securing both Japanese yen and bitcoin assets; users won’t have to register new accounts.
Beginning with a hack in May, a series of events led to the closure of DMM Bitcoin, as attackers exploited vulnerabilities in the exchange’s systems to steal 4,500 Bitcoin. DMM promised to cover damages to clients, but finally she was unable to bounce back from the attack’s financial and operational effects.
The hack was ascribed to TraderTraitor, a North Korean cybercrime gang. Investigative investigations reveal that TraderTraitor, a North Korean cybercrime gang, used advanced social engineering techniques to target personnel of a cryptocurrency wallet company, posing as recruiters on LinkedIn. By delivering a hostile script disguised as a pre-employment test, they gained access to crucial information and gradually controlled transactions to carry out the heist.
With losses from such breaches more than doubling in 2024, hitting $694 million worldwide, the incident emphasizes the growing threat of cyberattacks in the cryptocurrency business. Among the most important events this year are the DMM hack and a second $235 million attack on India-based trade WazirX.
By acquiring DMM Bitcoin’s accounts and assets, SBI VC Trade shows its dedication to helping impacted consumers and thereby enhances its position in the crypto market of Japan. The emphasis stays on rebuilding trust and security inside the digital asset ecosystem as the change takes place.
