DMM Bitcoin to Cease Operations After Transferring Customer Assets
December 2, 2024, 11:02 AM
DMM Bitcoin, a cryptocurrency exchange that suffered an unauthorized outflow of Bitcoin worth 48 billion yen, announced that it will transfer customer accounts and assets to a subsidiary exchange under SBI Holdings by March 2025. After the transfer, DMM Bitcoin will cease its operations.
In May of this year, it was revealed that Bitcoin valued at approximately 48 billion yen had been illicitly transferred from DMM Bitcoin.
Since then, some services have remained unavailable. On December 2, the company announced it had reached an agreement to transfer customer accounts and assets to SBI VC Trade, an exchange under SBI Holdings.
The transfer is expected to be completed around March 2025. Once finalized, DMM Bitcoin will discontinue its operations.
The company stated, "We have restricted the use of our services, but we concluded that prolonging this situation would significantly impair customer convenience."
In response to this incident, Japan's Financial Services Agency has urged the industry's trade association for cryptocurrency exchanges to conduct self-assessments regarding measures to address outflow risks. Strengthening risk management systems has become a key challenge for the industry.