SBI VC Trade, a subsidiary of SBI Holdings, has reached a basic agreement to take over customer accounts and assets from DMM Bitcoin.

DMM Bitcoin is a Japanese crypto exchange that announced plans to shut down following a significant security breach.

The transfer, which includes customer holdings in Japanese yen and cryptos, is expected to be completed by March 2025.

DMM Bitcoin faced a devastating hack in May that resulted in the theft of approximately 4,500 Bitcoin, valued at around US$320 million at the time.

Despite assurances to reimburse customers fully, the exchange was unable to recover financially and has opted to cease operations.

This incident marks the second-largest crypto exchange hack in Japan’s history, following the 2018 Coincheck hack.

Under the agreement, SBI VC Trade will also introduce 14 cryptocurrency spot trading pairs currently offered by DMM Bitcoin, further expanding its services.

The transfer involves only customer accounts, assets, and associated rights, with no systems or organisational personnel included.

Discussions between SBI VC Trade and DMM Bitcoin are ongoing to finalise the terms of the transfer, with updates to be announced once details such as the exact date and method are confirmed.

SBI VC Trade stated that this move aligns with its commitment to delivering customer-focused services, providing DMM Bitcoin users with a seamless transition to a new platform.

Featured image credit: Edited from Freepik