SBI VC Trade Takes Over DMM Bitcoin Assets After May Cyber Breach
Highlights:
- SBI VC Trade finalized the deal to take over DMM Bitcoin assets after suffering a cyber breach in May.
- The agreement details entail moving DMM Bitcoin customers to the SBI VC Trade platform.
- The hacked crypto exchange customers will not register with SBI VC Trade to qualify for the transition.
Japanese financial and crypto assets management firm SBI VC Trade has finalized a new deal to take over the comprised DMM Bitcoin assets. For context, DMM Bitcoin is also a Japan-based outlet, previously operating as a crypto exchange before the security compromise that saw it forfeit over $300 million in May 2024.
📢 JUST IN: JAPAN'S SBI VC TRADE FINALIZES DEAL TO TAKE OVER DMM BITCOIN ASSETS FOLLOWING HACK LAST MAY
— BSCN Headlines (@BSCNheadlines) December 26, 2024
Following the unfortunate event, DMM Bitcoin tried several times to recover and refund its customers who lost valuables. However, the exchange’s efforts yielded no positive result, which forced it to consider transferring its customers to SBI VC Trade.
It is worth noting that DMM Bitcoin’s agreement with the Japanese asset management outlet also included taking over the exchange’s liquidated assets, including Japanese Yen and physical crypto assets. Moreover, SBI VC Trade acknowledged the finalized deal in a December 25 press release, communicating the agreement intricacies to DMM Bitcoin customers.
Customers Transfer Date Unveiled
In the announcement on its official website, SBI VC Trade expressed satisfaction with its new responsibilities following the successful deal. The asset management group also intends to move relevant details about DMM Bitcoin customers to its platform in March 2025.
SBI VC Trade stated:
“Under this agreement, DMM Bitcoin customer accounts and custody assets are scheduled to be transferred to our company on Saturday, March 8, 2025.”
Some transferrable entities and documents include personal information, such as customers’ account registration information, identity verification documents, and My Number information. Others include Transaction reports and other documents related to transactions conducted with DMM Bitcoin.
Meanwhile, as part of its efforts to simplify the transition procedures, the financial company noted that the hacked exchange customers do not need to create an account with them. Instead, SBI VC Trade will take such responsibilities.
Describing the transition eligibility criteria, the digital assets management outlet noted that it would transfer all customers registered with DMM Bitcoin as of Tuesday, March 4, 2025.
JAPAN’S SBI VC TRADE FINALIZES DEAL TO ACQUIRE DMM BITCOIN ASSETS FOLLOWING $320M HACK
– SBI VC Trade, the cryptocurrency exchange arm of SBI Holdings, finalized a deal to acquire DMM Bitcoin’s customer accounts and custody assets.
– The transfer, set for March 8, 2025, marks a… https://t.co/6Ut7hQwtDY pic.twitter.com/6ZXTOPSw6Z
— BSCN (@BSCNews) December 26, 2024
SBI VC Trade Highlights Differences in Services Relative to DMM Bitcoin
Considering that the agreement deal entails transferring customers to a new platform, SBI VC Trade thought it wise to include the differences in operations between its platform and the compromised exchange. By including such details, the Japanese financial firm aims to sensitize its new users about what they should expect.
On spot trading, DMM Bitcoin handles more volume than SBI VC Trade. Per the public announcement, the hacked exchange allows fourteen extra spot trades with an ETH/BTC cryptocurrency-to-cryptocurrency exchange. The Japanese company revealed that it will introduce the extra spot trades apart from the ETH/BTC exchange. However, it warned that it might not conclude the procedures to make the services available on the transfer date.
For leveraged trading, SBI VC Trade noted:
“We do not currently offer leveraged trading. Also, there are no plans to offer pairs offered by DMM Bitcoin. Furthermore, unsettled positions in leveraged trading are not eligible for transfer.”
Unlike leveraged trading, the Japanese investment firm stated that customers will automatically qualify for its staking eligible stocks after transfer. SBI VC Trade added that by holding on to their ETH, AVAX, OAS, FLR, and HBAR at DMM Bitcoin, users would qualify for staking from March 8, 2025, and staking rewards from April 2025.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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