$300M Bitcoin Hack Forces Japanese Crypto Exchange to Cease Operations
Japanese cryptocurrency exchange DMM Bitcoin announced its decision to shut down operations following a severe security breach in May that resulted in more than $300 million in losses.
The latest report states that the exchange has agreed to transfer its assets to SBI VC Trade, the crypto division of Japan’s financial conglomerate SBI Group.
Key Details Revealed
The planned closure follows a tumultuous period for DMM Bitcoin, which suffered the theft of 4,502.9 BTC, valued at approximately $306 million at the time of the hack.
In response to the breach, the company secured funding amounting to 55 billion yen ($365.1 million) through a combination of loans and capital increases to address the financial shortfall.
Despite…
