Ripple Partner SBI Acquires DMM Bitcoin Assets, Expands Crypto Trading Options

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As a seasoned researcher with years of experience in the cryptocurrency landscape, I must say that this recent development between SBI and DMM Bitcoin is a significant step towards restoring trust and faith in the industry, especially after the unfortunate incident at DMM. It’s refreshing to see partnerships like these that prioritize the needs of users above all else.

Partnering with Ripple‘s affiliate, SBI Holdings, has recently secured a significant agreement with the hacked cryptocurrency exchange DMM Bitcoin. This partnership aims to help affected users retrieve their funds. By March 2025, accounts will be set up for DMM Bitcoin customers after the transfer of custody assets. Moreover, this crypto trading platform is expanding its offerings by introducing more spot crypto trading options for its clients.

Ripple Partner SBI to Help DMM Bitcoin Users

For those affected users of hacked cryptocurrency exchange DMM Bitcoin, there’s some good news: Ripple partner SBI has made a new agreement with the company. According to this deal, by March 8, 2025, all customer accounts and assets currently held by DMM Bitcoin will be moved over to SBI VC Trade’s platform. This means that users won’t have to open an additional account with SBI, as their existing accounts will be transitioned automatically.

After a crypto wallet breach worth $320 million at DMM, the platform has failed to retrieve the affected customers’ funds. Recently, they declared their intention to be liquidated and move customers over to SBI instead.

Currently, SBI VC Trade is ready to provide assistance to customers of DMM Bitcoin. This collaboration will see the introduction of 14 cryptocurrency products that DMM manages but are not yet offered by SBI. It’s important to note that SBI has stated that they do not plan to include crypto-to-crypto trading pairs, such as ETH/BTC, in their offerings at this time.

Furthermore, SBI VC Trade made it clear that leveraged trading will not move over during the transfer, and current leveraged trades with unsettled positions will continue to be ineligible for transition. At present, there are no forthcoming plans to offer leveraged trading pairs on DMM Bitcoin.

North Korea Behind the Hack, Says FBI

In May of this year, crypto exchange DMM experienced a significant hack, involving unauthorized access to servers where hackers made off with approximately 4,500 Bitcoins, valued at around $320 million at the time. However, DMM has assured its clients that they will be reimbursed for their losses and their accounts will be restored. As a result of this incident, Ripple partner SBI is collaborating with DMM to address the situation.

Over the ensuing months, it emerged through FBI investigations that North Korean hackers affiliated with the group TraderTraitor were responsible for this cyber attack. The FBI’s probe indicated that a North Korean cyber actor, disguised as a recruiter on LinkedIn, targeted an employee of DMM Bitcoin. This individual was in charge of managing the company’s digital wallet system.

In the course of my professional evaluation, an intruder deceitfully shared a harmful link that I unwittingly added to my GitHub workspace. This malicious individual subsequently leveraged this security loophole at a later time, an incident that was later reported to the Federal Bureau of Investigation (FBI).

Lately, the US Treasury Department has taken down a money laundering operation involving North Korean cryptocurrencies by imposing sanctions on a cryptocurrency exchange based in the United Arab Emirates. This exchange had been used to wash millions of dollars. The notorious hacking group from North Korea known as the Lazarus Group is responsible for this illicit activity, and they have even successfully hacked major crypto exchanges like Upbit.

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2024-12-26 08:43