$300M
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Hack Forces Japanese Crypto
Exchange to Cease Operations—Details
$300M Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Hack Forces Japanese Crypto Exchange to Cease Operations—Details
by Samuel Edyme
3 hours ago
in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News
0
Japanese cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchange DMM Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin announced its decision to shut
down operations following a severe security breach in May that resulted in
more than $300 million in losses.
The latest report states that the exchange has agreed to transfer its assets
to SBI VC Trade, the crypto division of Japan’s financial conglomerate SBI
Group.
Related Reading: Japanese Investors Embrace Crypto: Majority of Institutions
Ready to Invest, Survey Finds
Key Details Revealed
The planned closure follows a tumultuous period for DMM Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, which
suffered the theft of 4,502.9 BTC, valued at approximately $306 million at the
time of the hack.
In response to the breach, the company secured funding amounting to 55 billion
yen ($365.1 million) through a combination of loans and capital increases to
address the financial shortfall.
Despite these efforts, the exchange has opted to cease operations and transfer
its customer accounts and custodial assets to SBI VC Trade by March 2025.
According to a statement released by DMM Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, the asset transfer agreement
with SBI VC Trade excludes open positions in leveraged trading. Customers are
required to settle all leveraged trading positions before the transfer is
finalized.
This measure, according to the report, ensures a smoother
transition of custodial assets to SBI VC Trade, which is set to expand
its offerings by handling spot trading for 14 cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта currently
available on DMM Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s platform.
Notably, the asset acquisition by SBI VC Trade is part of the company’s
strategy to strengthen its presence in Japan’s cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market. This
move also aligns with SBI’s larger ambitions in the digital asset sector,
which include partnerships and expansions in blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн technology and
decentralized finance.
Japan Crypto Stance
Notably, the recent decision by crypto exchange DMM Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin coincides with
Japan’s cautious stance toward the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта industry.
Japan’s Financial Services Agency (FSA) official recently announced plans for
a comprehensive review of the country’s crypto regulations in the coming
months.
The primary aim is to assess whether the current framework under the Payments
Act sufficiently addresses the complexities of digital asset management.
If changes arise from this review, they could signal a major regulatory shift.
One potential outcome is reducing tax rates on crypto gains —from the current
55% to 20%—bringing them in line with taxes on assets like stocks and other
financial instruments.
Related Reading: Crypto-ETFs In Japan Require ‘Cautious Consideration,’ Warns
Regulator
Despite regulatory uncertainties, a recent survey by Nomura Holdings and Laser
Digital Holdings highlights growing investor• Экономика » Финансы » Инвестиции » Инвестор interest in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in
Japan.
The survey, which polled 547 investment• Экономика » Финансы » Инвестиции managers from sectors such as family
offices and public interest corporations, revealed that 54% plan to enter the
digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта space within three years.
While only 16% see digital currencies as viable replacements for traditional
currencies, 62% regard them as lucrative investment• Экономика » Финансы » Инвестиции opportunities with high
returns. BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on
TradingView.com
Featured image created with DALL-E, Chart from TradingView