$300M Bitcoin Hack Forces Japanese Crypto Exchange to Cease Operations—Details

Quick Summary:

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.

Notably, the asset acquisition by SBI VC Trade is part of the company’s strategy to strengthen its presence in Japan’s cryptocurrency market.

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Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets: HungaryJapan

Topics: Bitcoin News Crypto hack Btc Bitcoin Japan And Crypto Crypto BTCUSDT Crypto exchange

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-02 @ 21:00:13 (2 days ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 437 words

Reading Time: 3 minutes read

Sentences: 30 lines

Sentence Length: 15 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 24058244

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 11 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 8 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #105

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