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In a significant development in the cryptocurrency space, DMM Bitcoin, a prominent Japanese exchange, is moving towards liquidation. According to a report by Nikkei Asia, this decision follows a devastating security breach in May that resulted in the loss of approximately $32 million worth of Bitcoin due to a private key hack. The exchange has struggled to recover from this financial setback, ultimately deciding to discontinue its restructuring efforts.
As part of the liquidation process, DMM Bitcoin plans to transfer its customer assets to SBI VC Trade, an established exchange operator under the SBI Group umbrella, by March. Notably, details surrounding this transition remain scarce, as the source of this information has not been officially confirmed. This move underscores the ongoing challenges facing cryptocurrency exchanges in maintaining security and financial viability in an ever-evolving market.
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