COINOTAG News reports that on December 26th, the Japanese financial entity SBI VC Trade has made significant strides in the cryptocurrency domain by securing assets from the compromised exchange, DMM Bitcoin. This acquisition follows a tumultuous period for DMM, which experienced a major security breach in May, leading to the loss of approximately $320 million. As part of the transition plan, SBI has announced that customer accounts from DMM are slated to be integrated by March 8, 2025.
Importantly, customers will not need to navigate the cumbersome process of opening new accounts, as SBI will automatically establish accounts for the DMM users. This move emphasizes SBI’s commitment to enhancing user experience while assuming responsibility for the transferred assets. The decision to liquidate DMM Bitcoin comes as a strategic response to their inability to recover from the cyberattack, underscoring the critical importance of security within the cryptocurrency exchange landscape.
Source: https://en.coinotag.com/breakingnews/sbi-vc-trade-to-acquire-dmm-bitcoins-customer-accounts-following-320-million-hack/