Japanese Cryptocurrency Exchange DMM Bitcoin to Liquidate After Losing $321 Million

DMM Bitcoin Ends Operations Following Massive Fraud Loss

Japanese cryptocurrency exchange DMM Bitcoin has made the decision to cease operations and liquidate after facing a substantial loss of 48.2 billion yen ($321 million) in a fraud incident that occurred in May. This significant financial hit left the exchange unable to continue providing services to its customers.

Asset Transfer to SBI VC Trade Expected in March

As part of the liquidation process, DMM Bitcoin plans to transfer customer assets to SBI VC Trade, an exchange operated by SBI Group. The transfer is anticipated to take place around March, allowing customers to access their funds through the new platform.