Key Takeaways
- Ripple partner SBI has entered an agreement with hacked crypto exchange DMM Bitcoin.
- SBI will acquire all customer accounts and remaining assets on the platform.
- The deal is set to be finalized in the first quarter of 2025.
Japanese banking giant and Ripple partner SBI has stepped up to cover for the $320 million DMM crypto exchange hack.
The SBI has entered into an agreement with DMM to transfer its remaining assets and user accounts, just a day after the Federal Bureau of Investigation (FBI) linked the largest hack in 2024 to the infamous North Korean hacking group Lazarus.
SBI To Acquire DMM Assets and Customers
As part of the agreement, the DMM Bitcoin crypto exchange will transfer the customer accounts and custody assets by March 2025. SBI will create new customer accounts for all existing DMM users.
Customers’ account registration information, identity verification documents, and other verification credentials will also be transferred appropriately under the law.
The agreement will also see the transfer of transaction reports and other documents related to transactions conducted with DMM Bitcoin.
“We are pleased to announce that we have concluded this agreement to accept the transfer of customer accounts and custody assets of DMM Bitcoin Co., Ltd. To transfer, customers will not need to open an account with us in advance; our company will open the account for them,” the announcement said.
SBI’s crypto trading arm plans to introduce 14 new spot trading pairs by March 2025, which were available on DMM but not on SBI. However, SBI has no plans to introduce DMM’s leverage trading services.
Although SBI VC offers leverage trading, it does not offer leverage trading for pairs provided by DMM Bitcoin. Thus, unsettled positions in leveraged trading are not eligible for account transfer.
North Korean Hacking Threat Intensifies
The $320 million hack of Tokyo-based DMM Bitcoin in May was the largest exploit of 2024. After months of investigation by Japanese authorities and the FBI, the hack was found to be linked to the North Korean hacking group Lazarus.
The Lazarus group used social engineering techniques to compromise one of the employees’ access to DMM’s custody wallets. It then used the technique to loot $320 million in crypto assets held on the exchange.
The infamous hacking group was found to be responsible for stealing more than 60% of all stolen crypto assets in 2024. Despite numerous measures and technological advancements, North Korean hackers always seem one step ahead.
The hacking group, which used to prey on protocol vulnerabilities, has now adopted more sophisticated methods to compromise key executives of an organization to gain unauthorized access. What makes them so dangerous is that chances of recovery from these hackers are almost impossible.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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