tl;dr
DMM Bitcoin, a Japanese centralized crypto exchange, is shutting down after losing $320 million in a May hack. The platform will liquidate funds and transfer customer assets to SBI Group’s SBI VC Trade. The hack affected 450,000 client accounts and 96.2 billion yen in assets, making it the second la...
DMM Bitcoin, a Japanese centralized crypto exchange, is closing down after experiencing a $320 million hack in May. The platform will liquidate funds and transfer customer assets to SBI Group’s SBI VC Trade. This incident marks the largest hack since December 2022 and is considered the 7th largest crypto hack ever.
The hack affected 450,000 client accounts and resulted in the loss of 96.2 billion yen in assets, making it the second largest crypto heist in the region. Despite efforts to recover the stolen funds, the company has ceased its operations. The hack is believed to be the work of a North Korea-based group, according to suggestions by crypto sleuth ZachXBT.
Following the hack, DMM Bitcoin suspended withdrawals, new account openings, and trading, assuring clients that all deposit funds would be “fully guaranteed.” The company also pledged to secure an equivalent amount of BTC to compensate users with financial support from its affiliate companies.
Concerns about the handling of crypto assets and the increasing frequency of large-scale hacks have garnered attention, especially after several other major breaches in the past year, including the $235 million WazirX hack, the $52 million BingX hack, and the $55 million BtcTurk hot wallet hack.