{"id":25035,"date":"2024-12-02T11:37:17","date_gmt":"2024-12-02T11:37:17","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=25035"},"modified":"2024-12-02T11:37:17","modified_gmt":"2024-12-02T11:37:17","slug":"dmm-bitcoin-to-shut-down-after-suffering-320m-in-losses-due-to-hack","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=25035","title":{"rendered":"DMM Bitcoin To Shut Down After Suffering $320M In Losses Due To Hack"},"content":{"rendered":"

Japanese cryptocurrency exchange DMM Bitcoin has announced its closure following a massive security breach in May that resulted in losses of over $300 million. <\/span><\/p>\n

The exchange confirmed on Monday that its assets will be acquired by SBI VC Trade, the crypto arm of Japan\u2019s SBI Group, as part of a planned transition.<\/span><\/p>\n

DMM Bitcoin <\/span>revealed on 2 December 2024,<\/span><\/a> that customer accounts and custodial assets will be transferred to SBI VC Trade by March 2025. However, leveraged trading positions will not be included, and all such positions must be closed before the transfer. <\/span><\/p>\n

\u201cUnder this agreement, customer deposit assets (in Japanese yen and crypto assets) in accounts opened on DMM Bitcoin will be transferred to us as soon as March 2025,\u201d the firm wrote. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>17 Best Crypto to Buy Now in 2024<\/span><\/a><\/strong><\/p>\n

DMM Bitcoin Loses 4.5K BTC In Hack<\/span><\/h2>\n

DMM <\/span>Bitcoin<\/span> decision to shut down its platform comes after the theft of 4,502.9 BTC, valued at approximately $306 million at the time of the attack.<\/span><\/p>\n

In response to the breach, DMM Bitcoin raised 55 billion yen (around $365 million) in June through various financial measures, including loans and a capital increase. Despite these efforts, the exchange decided to cease operations after transferring its assets.<\/span><\/p>\n

SBI VC Trade stated <\/span>that it<\/span> would begin offering spot trading for 14 cryptocurrencies currently available on DMM Bitcoin before the asset handover is completed. <\/span><\/p>\n

In July, blockchain investigator ZachXBT revealed that approximately $35 million of the stolen cryptocurrency had been funneled through Huione Guarantee, an online marketplace notorious for crypto scams.<\/span><\/p>\n

\u201cIt is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and <\/span>offchain<\/span> indicators,\u201d the researcher said <\/span>at the time<\/span>.\u00a0<\/span><\/p>\n

1\/4 So far in July 2024 more than $35M from the $305M DMM Bitcoin hack has been laundered to the online marketplace Huione Guarantee <\/p>\n

It is suspected that Lazarus Group is behind the hack due to similarities in laundering techniques and off chain indicators. pic.twitter.com\/g1ndlttBll<\/a><\/p>\n

\u2014 ZachXBT (@zachxbt) July 14, 2024<\/a><\/p>\n\n

EXPLORE:\u00a0<\/span>$300 Million Exploit: Japan\u2019s DMM Bitcoin Exchange Suffers Largest Hack Of 2024<\/span><\/a><\/strong><\/p>\n

Japan\u2019s FSA Prposes Flat 20% Tax Rate On Crypto Gains<\/span><\/h2>\n

In September, Japan\u2019s FSA\u00a0<\/span>proposed a flat 20% tax rate<\/span><\/a><\/strong>\u00a0on crypto gains, aligning digital assets with traditional financial assets like stocks.<\/span><\/p>\n

The proposal\u00a0<\/span>came as<\/span>\u00a0part of the FSA\u2019s tax reform request submitted on 30 August 2024. It aims to simplify the treatment of crypto investments by categorizing them similarly to traditional financial (TradFi) assets.<\/span><\/p>\n

Japan\u2019s crypto industry has long advocated for reforms to reduce the tax burden on digital assets. In 2023, the Japan Blockchain Association (JBA) pushed for a flat 20% tax rate and a loss carryover provision to stimulate growth in the sector. <\/span><\/p>\n

However, previous efforts have not led to significant policy changes.<\/span><\/p>\n

Currently, Japanese crypto holders face steep tax rates, with individuals earning more than 40 million yen ($268,000) paying up to 55%\u00a0<\/span>on<\/span>\u00a0their crypto profits.<\/span><\/p>\n

Corporate crypto holders also face a flat 30% tax on their holdings at the end of the financial year, regardless of whether they have sold any assets for profit.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Crypto Tax Guide 2024<\/span><\/a><\/strong><\/p>\n

The post DMM Bitcoin To Shut Down After Suffering $320M In Losses Due To Hack<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Japanese cryptocurrency exchange DMM Bitcoin has announced its closure following a massive security breach in May that resulted in losses of over $300 million. The exchange confirmed on Monday that its assets will be acquired by SBI VC Trade, the crypto arm of Japan\u2019s SBI Group, as part of a planned transition. DMM Bitcoin revealed […]<\/p>\n","protected":false},"author":0,"featured_media":25036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25035"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25035"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25036"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}