rewrite this title SBI VC Trade Acquires DMM Bitcoin Assets Following $320M Cyberattack – Crypto-News.net

Key Takeaways

SBI VC Trade will acquire DMM Bitcoin’s assets after a May 2024 cyberattack.Investigators linked the $320 million bitcoin theft to North Korea’s TraderTraitor group.The transfer, scheduled for March 2025, will ensure seamless account migration and improved security.

SBI VC Trade, a Japanese cryptocurrency asset management company, announced it will acquire the assets of DMM Bitcoin, which suffered a major cyberattack earlier this year. Notably, the transfer of customer accounts and assets is scheduled for March 8, 2025.

“Under this agreement, DMM Bitcoin customer accounts and custody assets are scheduled to be transferred to our company on Saturday, March 8, 2025,” said the Japanese firm in the release.

SBI VC Trade assured DMM Bitcoin users that new accounts will be created automatically, eliminating the need for manual registration.

DMM Cyber Attack Details and Investigation

DMM Bitcoin experienced a security breach in May 2024, leading to the theft of approximately 4,500 bitcoins, valued at around $320 million at the time. The company pledged to reimburse affected customers.

In December 2024, the FBI, Japan’s National Police Agency, and the Department of Defense Cyber Crime Center (DC3) identified the North Korean-linked group TraderTraitor as the perpetrators. Investigators reported that the group used social engineering tactics, such as impersonating recruiters on LinkedIn, to infiltrate the exchange’s systems.

Industry Impact and Future Outlook

The acquisition reflects growing consolidation in the cryptocurrency industry following security breaches. SBI VC Trade aims to provide stability and security for DMM Bitcoin customers, ensuring continued service under its management.

In addition, the digital assets management firm emphasized its commitment to maintaining high-security standards and rebuilding customer confidence in the exchange ecosystem.

Meanwhile, customers should monitor official communications from both exchanges regarding the transition process. The automatic transfer of accounts will minimize disruption and ensure ongoing access to trading services.

The cryptocurrency industry continues to face challenges from security breaches and regulatory scrutiny. SBI VC Trade’s acquisition marks a step toward combining resources to enhance security and customer trust.