EddieJayonCrypto
27 Dec 24
SBI VC Trade, a subsidiary of SBI Holdings, will take over the accounts and assets of DMM Bitcoin, which is undergoing liquidation after a $305 million hack in May 2024. The transfer, scheduled for March 8, 2025, will automatically transition customer accounts to SBI VC. SBI will inherit both fiat a...
SBI VC Trade, a subsidiary of SBI Holdings, will take over the accounts and assets of DMM Bitcoin, which is undergoing liquidation after a $305 million hack in May 2024. The transfer, scheduled for March 8, 2025, will automatically transition customer accounts to SBI VC. SBI will inherit both fiat and cryptocurrency holdings, along with transaction records. The acquisition will expand SBI's tradable assets to include an additional 14 cryptocurrencies. In a December 25 notice, SBI VC indicated that customer accounts would be ready by the transfer date, and they would not have to register afresh but would instead be transitioned automatically by the company. Both fiat and cryptocurrency held by former DMM users will be transferred to SBI, with the company inheriting reports of all transactions conducted on the fallen exchange. Additionally, as part of the deal, SBI will take over all leveraged trading pairs previously offered by DMM except those it already provides. DMM Bitcoin announced its decision to stop operations after months of recovery efforts from a multi-million dollar attack at the end of May failed. The platform lost more than 4,500 BTC, valued at around $305 million. The DMM hack is suspected to have been carried out by threat actors linked to the Democratic People’s Republic of Korea (DPRK), known as TradeTraitor. Per the notice, staking stocks will be automatically triggered, with customers that held certain cryptocurrencies on DMM eligible for staking on SBI. They are expected to receive their first staking reward in April 2025 if they continue holding the assets. SBI VC Trade aims to ensure a smooth transition for DMM customers affected by the exchange's closure. Would you consider transferring your assets to another cryptocurrency exchange if your current one faced a similar situation?