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Crypto and digital asset companies · absorbed · Japan

DMM Bitcoin

bitcoin.dmm.com ↗

Defunct Japanese crypto exchange, absorbed by SBI VC Trade after a 2024 hack.

Little protection left
Assessed 26 July 2026 · Evidence as of 26 July 2026
Not much stands between this business and its pressures.
On the recordSince 26 July 2026 · Checkable from unscheduled, ongoing since December 2024 · Every call on the record Checkpoint: Any retrospective enforcement or asset-recovery disclosure tied to the Lazarus Group attribution
The call

DMM Bitcoin stopped existing as a business after a state-linked hack wiped out customer trust, with SBI VC Trade now running what remains of its customer base.

DMM Bitcoin ran a cryptocurrency exchange where people could buy, sell, and hold digital coins. A major hack in May 2024 stole $305 to $320 million, and Japanese regulators ordered the company to stop operating. In March 2025, DMM transferred all customer accounts and assets to a competitor called SBI VC Trade, and the company has been inactive ever since. There is no business left to evaluate, only the possibility of future announcements about how authorities plan to recover stolen funds or punish the hackers.

Why
01
AI pressure: None apparent. DMM Bitcoin no longer operates, so no AI product can take share from a shuttered exchange. Could AI do the core job? Yes, likely.
02
Bigger players: SBI Holdings / SBI VC Trade. SBI VC Trade took over every customer account and all custodial assets by March 2025, ending DMM Bitcoin's business entirely. Could a giant copy it? Yes, easily.
03
What protects it. None. The entity ceased operations and transferred its entire customer base to SBI VC Trade.
What would change this call
Any FSA or NPA update on asset recovery tied to the Lazarus/TraderTraitor attribution. Would show whether stolen funds are ever recovered for former customers.
Completion confirmation of account migration to SBI VC Trade. Would confirm DMM Bitcoin's full wind-down is finalized.
Any legal action against Ginco or DMM Group over the breach. Would show ongoing accountability fallout from the hack.
Key numbers
  • 4,502.9 BTC (~$305-320M) stolen in the hack (2024-05-31)
  • DMM Group injected about ¥55 billion to cover losses (2024-06)
  • FSA issued a business improvement order (2024-09)
Named risks
  • Total loss of business: entity is defunct with no forward crypto exchange operations as of 2025-03-08. Severity: high
  • Retrospective FSA or law-enforcement disclosures tied to the 2024 Lazarus-attributed hack. Severity: medium
  • Reputational damage to DMM Group brand from the $305-320M breach. Severity: medium
  • Unresolved legacy customer administrative matters (e.g., inheritance/account succession) routed to SBI VC Trade. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
SBI Holdings / SBI VC Tradelosing toAcquired DMM Bitcoin's entire customer base and custodial assets by 2025-03-08
bitFlyergaining onRemains an active licensed Japanese exchange while DMM Bitcoin exited the market in 2025
GMO Coingaining onContinues operating as a Japan-licensed exchange after DMM Bitcoin's 2025 shutdown
CoincheckcontestingAlso survived a major hack (2018, ~$530M) but stayed operational unlike DMM Bitcoin
Questions people ask
Is DMM Bitcoin still operating in 2026?
No. DMM Bitcoin ceased its cryptocurrency exchange business on March 8, 2025, when all customer accounts and custodial assets were transferred to SBI VC Trade following a 2024 hack. As of April 2026, third-party tools like Cryptact label it 'closed'.
What happened in the DMM Bitcoin hack?
On May 31, 2024, attackers stole 4,502.9 BTC (about $305-320 million) from DMM Bitcoin via a compromised private key, exploited through a supply-chain intrusion at wallet vendor Ginco involving a fake LinkedIn recruiter social-engineering attack.
Who owns DMM Bitcoin's former customer accounts now?
SBI VC Trade, a subsidiary of Japan's SBI Holdings, took over all DMM Bitcoin customer accounts and custodial assets in a transfer completed March 8, 2025, after a basic agreement signed November 29, 2024.
Was DMM Bitcoin's hack linked to North Korea?
Yes. On December 24, 2024, Japan's National Police Agency and the FBI publicly attributed the May 2024 DMM Bitcoin theft to the North Korea-linked actor 'TraderTraitor', associated with the Lazarus Group.
Could AI have prevented the DMM Bitcoin hack?
Unlikely to be relevant. The May 31, 2024 breach was attributed to a state-sponsored social-engineering and supply-chain attack via wallet vendor Ginco, not an AI or automation failure, per Cryptonews reporting dated December 25, 2024.
How much money did DMM Bitcoin lose in its hack?
DMM Bitcoin lost 4,502.9 BTC, worth roughly $305-320 million (about ¥48.2 billion) at the time, stolen on May 31, 2024, prompting a ¥55 billion group capital injection to compensate customers.
Timeline
  • 2026-04-09Cryptact tax tool explicitly lists DMM Bitcoin as 'closed'
  • 2025-03-08Customer accounts and custodial assets transferred to SBI VC Trade; exchange business ends
  • 2025-02-26SBI VC Trade adds 14 tokens previously exclusive to DMM Bitcoin
  • 2024-12-24Japan NPA and FBI attribute hack to North Korea-linked TraderTraitor/Lazarus
  • 2024-12-02DMM Bitcoin announces it will cease operations and transfer users to SBI
  • 2024-11-29DMM Bitcoin and SBI VC Trade sign basic agreement for asset takeover
  • 2024-09Japan FSA issues business improvement order against DMM Bitcoin
  • 2024-06DMM Group injects roughly 55 billion yen to cover customer compensation
  • 2024-05-31Hackers steal 4,502.9 BTC (~$305-320M) from DMM Bitcoin
  • 2016-11-07DMM Bitcoin founded as a subsidiary of DMM Group
Revision history
26 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
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