The post Ripple Joins SBI VC Trade to Secure DMM Bitcoin Users Post-Hack appeared first on Coinpedia Fintech News
DMM Bitcoin, a cryptocurrency exchange in Japan, faced a massive security breach in May 2023, when North Korean hackers stole 4,500 Bitcoins, worth about $320 million at the time. It hugely impacted the firm’s operation and despite several attempts to recover the funds DMM Bitcoin failed to restore their customer money. As a result, the company decided to stop its business operations and focus on transferring customer accounts to a more secure platform. Growing hack incidents are creating panic in the market reflecting the worse side of investing in digital assets.
DMM Bitcoin’s Strategic Steps to Address the Situation
In response to the breach and the challenges of recovering from it, DMM Bitcoin announced a plan to liquidate its operations and transfer all customer accounts and assets to SBI VC Trade, a crypto exchange operated by SBI Group. This transf
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