Japanese Bitcoin BTC/USD and cryptocurrency exchange DMM Bitcoin will liquidate after a $321 million fraud in May crippled its operations, affecting 450,000 client accounts and 96.2 billion yen in assets.
What Happened: By March, the exchange plans to transfer assets to SBI VC Trade, an SBI Holdings SBHGF subsidiary, reported Nikkei Asia.
Despite implementing a “cold wallet” system, authorities found flaws in DMM Bitcoin’s security measures. SBI VC Trade, with 700,000 accounts, is expected to pay 3-5 billion yen for the assets, boosting its customer base.
The liquidation reflects ongoing challenges in Japan’s crypto sector, which tightened regulations following past fraud cases.
Read Next:
Image Via Pixabay
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Edge Rankings
Price Trend
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
