SBI Holdings, a leading financial institution in Japan, has announced a partnership with the cryptocurrency exchange DMM Bitcoin, which recently fell victim to a cyber attack. This collaboration will facilitate the transfer of DMM Bitcoin users’ accounts and assets to SBI Holdings’ subsidiary, SBI VC Trade, by March 2025, ensuring a seamless transition without the need for users to create new accounts.
What Were the Consequences of the Cyber Attack?
The May cyber attack led to the loss of approximately $320 million in Bitcoin from DMM Bitcoin, prompting the exchange to pledge customer compensation. However, the execution of this promise has faced delays. Authorities linked the attack to the TraderTraitor group, associated with North Korea, primarily after an employee was deceived into clicking a malicious link on LinkedIn.
What New Offerings Can Users Expect?
SBI VC Trade is set to incorporate 14 cryptocurrency products from DMM Bitcoin into its offerings. However, this integration will exclude trading pairs and leveraged transactions, with existing leveraged positions remaining unaffected. Users can find comprehensive details regarding the transfer process on SBI VC Trade’s official platforms.
Key points to note include:
- SBI Holdings is committed to a seamless account transfer process for DMM Bitcoin users.
- The collaboration is a response to the substantial losses incurred from the cyber attack.
- SBI VC Trade will enhance its product offerings with DMM Bitcoin’s assets.
This strategic alignment between SBI Holdings and DMM Bitcoin represents a proactive approach to improve security and customer trust in the cryptocurrency sector, following a significant incident that shook the exchange’s integrity.
