Crypto Exchange DMM to Open Accounts in March

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Japanese crypto firm SBI VC Trade has finalized a deal to acquire the assets of the hacked exchange, DMM Bitcoin.

According to a notice published on December 25, SBI has agreed to take over all customer accounts and assets of DMM, with the transfer expected to take place on March 8, 2025.

In light of this arrangement, SBI has assured DMM customers that they will not have to open new accounts, as the firm will automatically create accounts for them as part of the transition process. This development comes after DMM Bitcoin announced earlier this month that it would be shutting down and transferring its customers to SBI.

The decision was made following a breach in May, where attackers stole $320 million worth of crypto from the exchange’s wallets.

On May 30, DMM Bitcoin reported that their servers had been compromised, resulting in the theft of 4,500 Bitcoin and the transfer of the funds by the attackers. The exchange had stated that it would reimburse its customers for the stolen funds to ensure they were not affected by the breach.