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SBI VC Trade Completes Acquisition of Hacked Crypto Exchange DMM Bitcoin Assets

SBI VC Trade, a crypto-focused subsidiary of Japan’s financial giant SBI Holdings, is set to inherit the accounts and assets of beleaguered crypto exchange DMM Bitcoin. The transfer will take place on March 8, 2025, marking the culmination of DMM Bitcoin’s liquidation process after a devastating $305 million hack in May 2024. Liquidation and Transfer Process In a December 25 notice , SBI VC indicated that customer accounts would be ready by the transfer date, and they would not have to register afresh but would instead be transitioned automatically by the company. Both fiat and cryptocurrency held by former DMM users will be transferred to SBI, with the company inheriting reports of all transactions conducted on the fallen exchange. The Tokyo-based firm initially offered 24 virtual assets for trade on its platform, but its acquisition of DMM Bitcoin will add an extra 14 cryptocurrencies to its books, including Tron (TRX), The Sandbox (SAND), Algorand (ALGO), and Maker (MKR). Additionally, as part of the deal, SBI will take over all leveraged trading pairs previously offered by DMM except those it already provides. The company also clarified that it would not transfer any open positions in leveraged trading. Per the notice, staking stocks will be automatically triggered, with customers that held Ethereum (ETH), Avalanche (AVAX), Oasys (OAS), Flare (FLR), and Hedera (HBAR) on DMM eligible for staking on SBI. They are expected to receive their first staking reward in April 2025 if they continue holding the assets. Hacking Fallout DMM Bitcoin announced its decision to stop operations after months of recovery efforts from a multi-million dollar attack at the end of May failed. The platform lost more than 4,500 BTC, valued at around $305 million, in what is Japan’s second-largest crypto breach after another exchange, Coincheck, lost $523 million worth of NEM tokens in a 2018 incident. The DMM hack is suspected to have been carried out by threat actors linked to the Democratic People’s Republic of Korea (DPRK), known as TradeTraitor. In July, investigators revealed that over $35 million stolen from the exchange had been laundered via the infamous Cambodian online marketplace Huione Guarantee. At the time, pseudonymous on-chain detective ZachXBT likened the laundering techniques to those used by another DPRK-linked outfit, the notorious Lazarus Group. Soon after it was exploited, DMM immediately pledged to make affected customers whole. However, even after borrowing 50 million yen to reimburse users, the damage to its operations proved too great, leading to the decision to transfer all assets to SBI VC Trade. The firm confirmed the acquisition in a December 2 announcement, insisting that it would work to ensure a smooth transition for clients. The post SBI VC Trade Completes Acquisition of Hacked Crypto Exchange DMM Bitcoin Assets appeared first on CryptoPotato . CoinOtag

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Animoca Brands Founder’s X Social Media Account Hacked, Used To Promote Fake Solana Ecosystem Token

The co-founder of Animoca Brands, a leading firm in the blockchain gaming space, had their X social media account hacked and used to promote a fake Solana ( SOL ) token. In a new thread on the social media platform X, Animoca Brands – known for creating metaverse game The Sandbox ( SAND ) – says that founder and chairman Yat Siu’s X account was taken over by bad actors and used to endorse a fake token launch on Solana. “Unfortunately Yat Siu’s social media account has been compromised. There is no official token or NFT (non-fungible token) launch from Animoca Brands. The token launch on Solana as claimed in a post was made by the hacker. Please DO NOT engage with the account and stay vigilant. We will provide an update when the account is restored.” In a separate post on X, Mocaverse ( MOCA ) – the NFT collection of Animoca Brands that was said to be launching a token over SOL – says the ecosystem is safe and that better security measures are now in place. “We have confirmation that X has secured control of Yat Siu’s account and is now in the process of verifying true account ownership. The evidence seems to suggest that this was a case of stolen identity as the account had standard security implementations… There is no compromise on Animoca Brands, Moca Network or MOCA Foundation official handles, and there are strict security measures in place. As safety measures, all key members and official accounts have updated all authentications. No additional vulnerabilities or unauthorized activities were identified.” SAND and MOCA are trading for $0.561 and $0.327 at time of writing, respectively. According to blockchain investigator ZackXBT, Siu likely fell for the same phishing email scam that other blockchain executives were hit with earlier this week. “Update: Yat Siu (co-founder of Animoca) likely fell for the same phishing email a few hours ago as the scam token was deployed by the same address as the Kick and Vanar CEO ATOs.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Animoca Brands Founder’s X Social Media Account Hacked, Used To Promote Fake Solana Ecosystem Token appeared first on The Daily Hodl . CoinOtag