Bitcoin exchange DMM to shut down following large-scale theft
DMM Bitcoin, a Japanese cryptocurrency exchange, has made the decision to close its business following a major theft incident. Back in May, the company disclosed that it had lost 48 billion yen, approximately 320 million dollars, worth of bitcoin due to theft. As a result, some of its services have been unavailable since then.
In an effort to protect its customers, DMM Bitcoin announced on Monday that it will be transferring all customer accounts and assets to SBI VC Trade, a subsidiary of SBI Holdings. The transfer is scheduled to take place around March of next year, after which DMM Bitcoin will officially shut down its operations.
The firm explained that they came to the conclusion that continuing under the current circumstances would have a significant negative impact on customer convenience. In light of the theft incident, the Financial Services Agency has requested that a group of cryptocurrency exchanges, including DMM Bitcoin, thoroughly review their trading risks.
It’s unfortunate to see DMM Bitcoin closing down, but ensuring the safety and security of customer accounts and assets is paramount in the world of cryptocurrency exchanges.
