Japanese Crypto Exchange DMM Bitcoin Closes Following Hacker Attack

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After suffering a hack in May resulting in over $300 million in losses, Japanese cryptocurrency exchange DMM Bitcoin has announced its decision to shut down operations.

According to a statement released on Monday, SBI VC Trade, the financial giant SBI Group, will be acquiring the exchange’s assets. However, DMM Bitcoin stated that open positions in leveraged trading will not be transferred and must be resolved before the transfer takes place, which is currently scheduled for March 2025.

In order to address the losses from the hack, DMM Bitcoin raised a total of 55 billion yen (approximately $365.1 million) in June through various funding strategies.

This included 5 billion yen ($33.2 million) in borrowed funds on June 3, 48 billion yen ($318.6 million) through a capital increase on June 7, and 2 billion yen ($13.3 million) through subordinated borrowing on June 10.

The exchange did not disclose any further details about the security breach or how the stolen funds will be recovered.