SBI VC Trade To Take Over DMM Bitcoin Accounts

SBI VC Trade, a well-known Japanese cryptocurrency exchange, has confirmed it will accept customer accounts and assets from DMM Bitcoin. DMM Bitcoin, part of the DMM.com Group, faced serious problems after a cyberattack earlier this year. After the incident, the exchange decided to end its operations and enter liquidation.

The company shared the news after DMM Bitcoin revealed it would be working with SBI VC Trade to complete the process. SBI VC Trade said the transfer of customer accounts and assets from DMM Bitcoin is scheduled for 8 March next year.

SBI VC Trade Plans To Auto-Generate Accounts For DMM Bitcoin Clients

According to SBI VC Trade, DMM Bitcoin’s customers will not need to open new accounts. The company said client accounts will automatically be created on the SBI VC Trade platform. However, the firm noted that some services offered by DMM Bitcoin will not be the same after the transfer.

SBI VC Trade plans to offer more services than DMM Bitcoin offered, including 14 new cryptocurrency products. But these new services may not be available when the transfer happens. SBI VC Trade will also not offer crypto-to-crypto exchange services.

Another huge difference between the two exchanges is leveraged trading. DMM Bitcoin had offered leveraged trading, but SBI VC Trade will not. This means that customers who used leveraged trading at DMM Bitcoin won’t be able to use it on SBI VC Trade.

SBI VC Trade said it will not accept any unsettled leveraged trading positions from DMM customers. This may affect some customers who were using this service before the cyberattack. DMM.com is a large company in Japan that gives different financial services like forex trading and contracts for differences. It is the number one platform in Japan for trading.

Scammers Steal $320 Million From DMM Bitcoin In A Recent Cyberattack

In May, DMM Bitcoin faced a huge security problem. Hackers got into DMM Bitcoin’s servers and stole more than 4,500 Bitcoins from one wallet. The company said the Bitcoins were worth $320 million. Many think the Lazarus Group from North Korea was behind the attack.

This breach became the second-largest cryptocurrency exchange hack in Japan, only after the $532 million Coincheck hack. It is also one of the most significant thefts globally in the cryptocurrency world.

Japan’s National Police Agency, The FBI, and the Department of Defense Cyber Crime Center (DC3) concluded that a North Korea-linked crime group called TraderTraitor was responsible for the attack on DMM Bitcoin. This has led to further investigations into the incident.

When the accounts and assets are moved to SBI VC Trade, DMM Bitcoin customers will see some changes. However, many people are hopeful that the transfer will go well and that the new platform will offer more services later.