Japanese crypto service shuts down after theft of bitcoin worth $308 million
A popular Japanese cryptocurrency platform is shutting down less than six months after hackers siphoned more than $300 million worth of coins from the site.
DMM Bitcoin said on Monday that it planned to transfer all customer accounts and company assets to another crypto firm called SBI VC Trade — a subsidiary of Japanese financial services giant SBI Group.
The platform attributed the move to the May 31 incident when hackers broke into the platform and stole 4,502.9 bitcoin, which at the time was worth $308 million but as of Monday is worth more than $429 million.
DMM Bitcoin explained that it is still investigating the incident and noted the platform has continued to restrict withdrawals and purchase orders of crypto.
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