Japanese cryptocurrency exchange DMM Bitcoin is prepping to liquidate after losing $320 million in Bitcoin from a private key hack in May that the company has failed to recover from.
The crypto exchange is also ceasing efforts to revamp operations and intends to transfer customer assets to SBI VC Trade, an exchange operator under SBI Group, around March, Nikkei Asia first reported on Dec. 2.
According to a translation of a statement released on Dec. 2, a basic agreement between the two companies has been made for SBI to accept the transfer of all accounts and deposit assets.
“Under this agreement, customer deposit assets (in Japanese yen and crypto assets) in accounts opened on DMM Bitcoin will be transferred to us as soon as March 2025,” it read. SBI VC Trade will also handle the transfer of crypto stocks held on DMM Bitcoin, it added.
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