{"id":23997,"date":"2024-12-02T05:29:11","date_gmt":"2024-12-02T05:29:11","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=23997"},"modified":"2024-12-02T05:29:11","modified_gmt":"2024-12-02T05:29:11","slug":"dmm-bitcoin-exchange-announces-closure-amid-market-changes","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/dmm-bitcoin-exchange-announces-closure-amid-market-changes\/","title":{"rendered":"DMM Bitcoin Exchange Announces Closure Amid Market Changes"},"content":{"rendered":"\n<div>\n<p><span style=\"font-weight: 400\">DMM Bitcoin, a cryptocurrency exchange in Japan, is reportedly planning to close its operations after facing a staggering loss of $320 million from a hack that occurred in May. This security breach resulted in the theft of over 4,500 Bitcoin and has left the company unable to recover, as reported by Nikkei Asia.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Japan-crypto-exchange-DMM-Bitcoin-set-for-liquidation\" target=\"_blank\" rel=\"nofollow noopener\">Nikkei Asia<\/a>, DMM Bitcoin plans to transfer its customers&#8217; assets to SBI VC Trade, which is a subsidiary of SBI Group. This transition is expected to occur around March, highlighting the company&#8217;s decision to cease its attempt to reinvent its business strategy.<\/span><\/p>\n<h2><strong>Consequences of the Hack on DMM Bitcoin<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">The hack took place on May 30 and was characterized by a breach of the exchange&#8217;s servers, leading to the loss of Bitcoin from a single wallet. Initially, DMM Bitcoin reassured its users that their deposits were safe, pausing withdrawals and new account registrations, and promising to secure funds through associated firms. However, the damage was too excessive to manage.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This incident marks the second largest cryptocurrency hack in Japan&#8217;s history, following the $530 million Coincheck hack in 2018. In July, blockchain investigator ZachXBT discovered that $35 million of the stolen Bitcoin had been laundered using the online marketplace Huione Guarantee. There are suspicions that North Korea&#8217;s Lazarus Group might be linked to this hack, based on the laundering techniques employed.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">1\/4 As of July 2024, over $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee.<\/p>\n<p>It is suspected that Lazarus Group is behind the hack, given the similarities in laundering methods and indicators. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/t.co\/g1ndlttBll\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/g1ndlttBll<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/zachxbt\/status\/1812466959109521649?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">July 14, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">ZachXBT elaborated on the laundering process of the funds from the DMM Bitcoin hack: <\/span><span style=\"font-weight: 400\">1) Send BTC to a mixer from the hack. <\/span><span style=\"font-weight: 400\">2) Withdraw BTC from the mixer. <\/span><span style=\"font-weight: 400\">3) Transfer funds from Bitcoin to Ethereum or Avalanche using THORChain, Threshold, or Avalanche bridge. <\/span><span style=\"font-weight: 400\">4) Swap for USDT and move to Tron via SWFT. <\/span><span style=\"font-weight: 400\">5) Send USDT to Huione.<\/span><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DMM Bitcoin, a cryptocurrency exchange in Japan, is reportedly planning to close its operations after facing a staggering loss of $320 million from a hack that occurred in May. This security breach resulted in the theft of over 4,500 Bitcoin and has left the company unable to recover, as reported by Nikkei Asia. According to [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":23998,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"DMM Bitcoin Exchange Announces Closure Amid Market Changes - Bitrabo","description":"DMM Bitcoin, a cryptocurrency exchange in Japan, is reportedly planning to close its operations after facing a staggering loss of $320 million from a hack that"},"footnotes":""},"categories":[324],"tags":[448,4518,590,5526,1006,4119],"class_list":["post-23997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchanges","tag-bitcoin","tag-dmm","tag-exchange","tag-japans","tag-set","tag-shut"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/23997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=23997"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/23997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/23998"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=23997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=23997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=23997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}