Japanese crypto exchange DMM Bitcoin is closing down due to a massive fraud incident that resulted in the loss of 48.2 billion yen ($321 million) in May 2024. The exchange will liquidate and transfer customer assets to SBI VC Trade, a subsidiary of the SBI group, by March 2025. The fraud affected 450,000 client accounts with combined total assets worth 96.2 billion yen. Chainalysis confirmed it as one of the largest crypto fraud incidents in Japan and the second largest in the region since CoinCheck's loss in 2018. DMM Bitcoin was unable to recover and authorities found flaws in its security measures.



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