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 .
Crypto Potato
You can visit the page to read the article.
Source: Crypto Potato
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
BGB Price Rises by Over 25% in 24 Hours, Surpasses $7 Mark
BGB Price Rises by Over 25% in 24 Hours, Surpasses $7 Mark The native utility token of the Bitget crypto exchange, Bitget Token (BGB) , has experienced a significant price surge, climbing over 25% in the past 24 hours . According to CoinMarketCap , BGB is currently trading at $7.20 , reflecting growing market enthusiasm and interest in the token. What Is BGB? BGB is the native utility token of Bitget , a leading cryptocurrency exchange known for its focus on social trading and copy trading features. The token offers various utilities, including: Trading Fee Discounts : BGB holders enjoy reduced fees on the platform. Exclusive Access : Certain features and promotions are unlocked for BGB holders. Staking Rewards : Users can stake BGB for additional benefits or yields. The recent price surge has brought renewed attention to BGB, raising questions about the factors driving its growth and its potential trajectory. Key Factors Behind the Price Surge Several factors have contributed to the sharp increase in BGB’s price: 1. Increased Platform Adoption Bitget has been expanding its user base and introducing new features, which may have boosted demand for BGB. Social Trading Popularity : As social trading gains traction, more users are joining Bitget, increasing the utility of BGB. Market Expansion : Bitget’s entry into new regions could be driving fresh interest in the platform and its token. 2. Positive Market Sentiment The overall crypto market has seen pockets of bullish activity, which may have contributed to increased interest in utility tokens like BGB. 3. Tokenomics and Scarcity With a limited supply of tokens, increased demand for BGB naturally drives its price upward. 4. Speculative Trading As BGB’s price rises, it may attract traders looking to capitalize on short-term gains, further fueling momentum. BGB’s Performance Metrics Metric Value Current Price $7.20 24-Hour Increase +26.30% Market Cap Rank Top 100 The significant price movement has propelled BGB into the spotlight, with trading volumes rising in tandem. What’s Next for BGB? 1. Potential for Further Growth If Bitget continues to expand its offerings and attract new users, demand for BGB could rise further, potentially pushing its price higher. 2. Market Volatility As with any crypto asset, volatility is a given. Investors should be prepared for potential price corrections after such a steep climb. 3. Long-Term Utility The sustainability of BGB’s growth will depend on its ongoing utility within the Bitget ecosystem and the platform’s ability to retain users. Should You Consider BGB? For those considering BGB as an investment, here are some points to consider: Advantages : Strong utility within a growing exchange. Potential for staking rewards and fee discounts. Risks : Price volatility could lead to short-term losses. Dependence on Bitget’s success as a platform. Conclusion The recent 25% surge in BGB’s price , surpassing the $7 mark, underscores the growing interest in utility tokens tied to popular crypto exchanges like Bitget. While the token’s rise reflects positive momentum, potential investors should weigh its long-term utility against the inherent volatility of the crypto market. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries. Crypto Potato
OPX Live: Launching a Unified Platform for the Creator Economy 2.0
Los Angeles, United States, December 27th, 2024, Chainwire OPX Live is scheduled to launch this Saturday, December 28th, offering a unified platform that integrates token creation, trading, and streaming to support the evolving Creator Economy 2.0. To celebrate launch day, OPX Live will host a live Keynote Event on OPXLIVE.com December 28th at 3 PM PST, where the founding team will unveil the platform’s vision, key features, and what the future holds. Developed to enhance creator opportunities, benefit communities, and optimize digital economies, OPX Live reflects years of experience, technical advancement, and collaborative efforts. English version Chinese version Crafted by Pioneers in Digital Innovation OPX Live was founded by Artur Minacov, Simon Bourdon, and Arthur Rozon, whose extensive experience spans innovation in digital asset trading, the development of next-generation economies, and advancements in multiplayer gaming technologies. Their previous work includes OPSkins, NewGen Labs/The Forge Arena, and Equinox Games, reflecting a deep understanding of these industries. OPX Live represents their legacy—consolidating the lessons, tools, and frameworks developed over the years into a cohesive ecosystem designed by and for the community. A Platform Designed for Growth and Empowerment At its core, OPX Live offers: Streaming: Creators can share content, interact with fans, and build thriving communities. Trading: The platform allows users to seamlessly trade tokens with transparency and real-time efficiency. Token Creation: Empower creators to launch and manage their own tokens, building unique economies around their communities. However, the real innovation is in how revenue is redistributed to the individuals driving the platform’s success: 0.25% of transaction fees go directly to verified creators on their respective personal tokens, empowering them to grow and reward their communities (Daily Airdrop) 0.25% of transaction fees are distributed as airdrops to OPXL token holders, rewarding them for their continued support and engagement. (Daily Airdrop) 0.50% of transaction fees are retained by OPX Live for operations, growth, and platform enhancements. This 50/50 revenue split with the community works to create the potential for creators and token holders to benefit directly from the platform’s success, fostering a sustainable and balanced ecosystem. Redefining Collaboration in Digital Economies Initially conceived as a “Pump Fun Killer,” OPX Live has grown into a platform that facilitates collaboration between traders and creators, with a focus on supporting sustainable value and the development of digital economies. Within this ecosystem: Creators can participate in daily revenue-sharing models designed to support long-term engagement. Fans can directly support creators while engaging with token-based economies that offer unique benefits. Traders can access transparent and reliable token markets designed to reflect tangible value. This approach distinguishes OPX Live, creating an engaging and transparent space for creators, traders, and fans to connect and collaborate. The Countdown to Launch Begins 12/28/2024 With the platform launch approaching, OPX Live aspires to become a hub for creators, fans, and traders to build connections and contribute to shared growth. The platform is designed to encourage value creation, support thriving communities, and provide opportunities for creators to flourish. Learn more about the launch at opxlive.com About OPX Live Founded by Arthur Rozon , Simon Bourdon , and Artur Minacov , OPX Live is the result of years of innovation across gaming, trading, and community-driven platforms. Built on experience, trust, and a commitment to empowering creators, OPX Live aims to be more than just a platform—it’s a movement to safeguard and grow the creator economy. Contact: info@opxlive.com X Link : https://x.com/opxlivedotcom Website Link: opxlive.com #OPXLive #TokenCreation #StreamingRevolution Contact Co Founder Arthur Rozon OPX Live dma@opxlive.com Crypto Potato