DMM Bitcoin Closes Its Doors Following $308 Million Bitcoin Heist

From my full post on bub.blicio.us.

DMM Bitcoin, a well-known cryptocurrency exchange in Japan, is set to close its operations less than six months after a massive hack that resulted in the theft of over $300 million in digital assets. The company revealed on Monday that it will be transferring all customer accounts and assets to SBI VC Trade, a subsidiary of the prominent financial services group SBI. This closure comes in the wake of a significant security breach that occurred on May 31, during which hackers made off with 4,502.9 bitcoin. At the time, the stolen bitcoin was valued at $308 million, but its current worth has risen to more than $429 million. DMM Bitcoin has indicated that it is still looking into the incident while continuing to limit withdrawals and purchases on its platform.