Key Insights
- DMM Bitcoin will shut down in March 2024 and transfer its accounts and assets to SBI VC Trade following a May hack that resulted in the loss of 4,502.9 bitcoin.
- The hack’s perpetrators remain unidentified, though suspicions point to the Lazarus Group, with funds apparently processed through a Cambodian payments company.
TOKYO (MarketsXplora) – Japanese cryptocurrency exchange DMM Bitcoin announced on Saturday it will cease operations and transfer its customer accounts and assets to SBI VC Trade in March 2024, following a devastating cyber attack in May that resulted in the loss of 4,502.9 bitcoin, valued at approximately $306 million.
Since the hack, DMM Bitcoin had restricted its services, including withdrawals and spot crypto asset purchase orders. In a statement, the exchange acknowledged the prolonged disruption to its customers, offering a sincere apology for the inconvenience.
Read also! DMM Bitcoin Outlines Plan to Cover $300 Million Bitcoin Hack
The identity of the hackers remains unconfirmed, though suspicions have been directed towards the Lazarus Group, a cybercrime organization allegedly linked to North Korea. Investigations also revealed that funds from the hack appear to have been processed through Huione Guarantee, a Cambodian payments company reportedly implicated in billions of dollars of illicit fund transfers.
SBI VC Trade, the receiving platform, confirmed it will continue to support the 14 cryptocurrency spot trading options previously offered by DMM Bitcoin.
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