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Japanese Bitcoin (CRYPTO: BTC) and cryptocurrency exchange DMM Bitcoin will liquidate after a $321 million fraud in May crippled its operations, affecting 450,000 client accounts and 96.2 billion yen in assets.
What Happened: By March, the exchange plans to transfer assets to SBI VC Trade, an SBI Holdings (OTC:SBHGF) subsidiary, reported Nikkei Asia.
Despite implementing a “cold wallet” system, authorities found flaws in DMM Bitcoin’s security measures. SBI VC Trade, with 700,000 accounts, is expected to pay 3-5 billion yen for the assets, boosting its customer base.
The liquidation reflects ongoing challenges in Japan’s crypto sector, which tightened regulations following past fraud cases.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
