Japan's DMM Bitcoin Shuts Down After $305M Hack, SBI VC Trade Takes Over

Japanese crypto exchange DMM Bitcoin, part of the DMM group, will shut down in March 2025, following a $305 million hack earlier this year, according to a statement on Monday by SBI VC Trade, a crypto exchange owned by SBI Holdings that will take over accounts and assets on DMM Bitcoin.

"Under this agreement, all assets held by customers in accounts already opened with DMM Bitcoin are scheduled to be transferred to the Company around March 2025," SBI VC Trade said.

In May, hackers stole over 4,502 BTC from the exchange, leading DMM Bitcoin to restrict its services including withdrawals and purchase orders. Continuing with these limitations would negatively impact users, the firm stated.

“We sincerely apologize for the inconvenience caused over such a long period of time,” DMM Bitcoin said.

The perpetrators of the hack remain unidentified, but suspicions have been raised about the involvement of North Korea’s Lazarus Group. Some of the stolen funds are believed to have passed through Huione Guarantee, a Cambodian payments company linked to money laundering operations.

"In addition, the Company plans to start handling 14 cryptocurrency spot trading items that are currently not handled by the Company but are handled by DMM Bitcoin before the transfer of the assets held by the Company is accepted."