DMM bitcoin shutting down after $308m hack

[junmisakiro]

dmm bitcoin finally announce they close business march 2025. all account move to sbi vc trade automatic. very sad for japan crypto industry but maybe better than keep with broken security

 

[hack3rcon]

been analyzing this since the May hack. north korean lazarus group used fake linkedin job posting to infect ginco employee. uploaded malicious python script to github that gave them access

 

[Tyrone]

who the FUCK stores 300 million dollars with ZERO proper security controls?? japanese fsa report said they had NO risk management system. literally amateur hour bullshit

 

[goldkingcoiner]

deserved for trusting japanese boomer exchange with actual money. anyone storing serious funds on dmm ngmi from day one

 

[junmisakiro]

deserved for trusting japanese boomer exchange with actual money. anyone storing serious funds on dmm ngmi from day one

very easy say now... dmm bitcoin was big exchange in japan, many people use for years with no problem. who expect north korea hacker?

 

[btcinfo891]

Since mt gox this feels eerily similar - security theater while actual funds management is completely broken. FSA investigation found they violated multiple transfer protocols.

 

[>0-0<]

wait so if you had money on dmm bitcoin you just automatically get moved to sbi? do you get to choose or they just force transfer everyone

 

[BlackPanther]

Same shit since 2013. Exchange gets hacked, customers funds frozen for months, then forced migration to another platform. At least this time someone's taking responsibility instead of just bankruptcy.

 

[root777]

Ok here is quick breakdown - the exchange suffered a major security breach on May 30th where hackers managed to steal about 4,500 BTC, which was worth around $305 million at the time of the attack. Since that incident happened, all withdrawals have been completely suspended for over seven months now while they work through the recovery process. To cover the massive shortfall and protect customer funds, DMM stepped in and borrowed $367 million to ensure users wouldn't lose their deposits. The platform has announced that in March 2025, all customer accounts and balances will be automatically transferred over to SBI VC Trade without requiring users to go through any new registration process or KYC procedures. While losing access to funds for this long is obviously frustrating, this outcome is actually much better than what we've seen with other major exchange hacks throughout crypto history where customers often lost everything permanently or had to wait years for partial recoveries through bankruptcy proceedings.

 

[sk8er]

my friend in tokyo has like 0.3 btc stuck there since may. he's been going crazy not being able to withdraw anything

 

[Cyb3r]

my friend in tokyo has like 0.3 btc stuck there since may. he's been going crazy not being able to withdraw anything

7 months with funds locked is insane. how do these companies not get sued into oblivion for this?

 

[hack3rcon]

@Cyb3r japanese law is different. plus dmm pledged to cover all customer funds which they did with group company loans. legally they're protected as long as customers get made whole

 

[Major]

Damn this is giving me flashbacks to when celsius froze everything. At least dmm users are getting their money back instead of 20 cents on dollar

 

[goxeme]

lmao "automatic transfer" aka we sold your data to highest bidder and you have no choice in the matter. classic cex behavior

 

[marshal]

ser this is why zkrollups exist... why anyone still using centralized shitcoin stuff in current year is beyond me

 

[bitshark]

ser this is why zkrollups exist... why anyone still using centralized shitcoin stuff in current year is beyond me

@marshal easy to say but regular people don't know how to use dex properly. Normies need simple exchange interfaces

 

[btcinfo891]

@bitshark the irony is DMM was supposed to be the "safe" regulated option. Full FSA licensing, big corporate backing. Shows how meaningless those certifications are.

 

[satoshisobsob]

ngl sbi vc trade gonna feast on this. acquiring entire customer base for basically free after competitor gets rekt

 

[junmisakiro]

ngl sbi vc trade gonna feast on this. acquiring entire customer base for basically free after competitor gets rekt

sbi already big player in japan finance. they have resource and experience to do this transfer safe... i hope

 

[goldkingcoiner]

sbi already big player in japan finance. they have resource and experience to do this transfer safe... i hope

cope harder. sbi gonna rug customers within 2 years watch. japanese "regulation" is just kabuki theater for boomers