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SBI VC Trade Rescues DMM Bitcoin Customers Post-Hack

Key Takeaways

  • SBI VC Trade will automatically migrate DMM Bitcoin customer accounts and assets after the exchange's hack;
  • A North Korean-linked group stole over $300 million from DMM Bitcoin using a fake LinkedIn recruitment scheme;
  • Investigations revealed attackers exploited a malicious file uploaded to GitHub to breach DMM Bitcoin’s systems.
SBI VC Trade Rescues DMM Bitcoin Customers Post-Hack

SBI VC Trade, a Japanese financial firm specializing in cryptocurrency services, has officially secured the rights to acquire assets from the DMM Bitcoin.

This decision follows the company’s struggles to recover from a major security breach that left it unable to continue operations.

SBI VC Trade confirmed in a December 25 announcement that all accounts and assets from DMM Bitcoin will be automatically migrated. Customers will not need to open new accounts, as SBI will create them on their behalf.

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The hack, which occurred on May 30, has been attributed to a North Korean-linked group called TraderTraitor.

The group stole private keys for wallets holding 4,500 Bitcoin BTC $95,434.54 . The stolen funds, valued at over $300 million, were quickly moved by the hackers.

Investigations by the FBI, Japan’s National Police Agency, and the US Department of Defense Cyber Crime Center (DC3) revealed that the attackers gained access using a sophisticated method.

They posed as recruiters on LinkedIn and targeted an employee at Ginco, a company managing DMM’s wallet systems. The attackers sent the employee a malicious file disguised as a skills test, which was uploaded to GitHub and later exploited to gain access to DMM Bitcoin's servers.

DMM Bitcoin assured its users that their balances would be restored after the breach. The decision to partner with SBI VC Trade ensures that customers’ funds and accounts are protected. But why did DMM Bitcoin partner with SBI VC Trade? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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