Japanese cryptocurrency exchange DMM Bitcoin announced its closure and plans to transfer operations to SBI VC Trade in March 2025. The exchange confirmed the decision in a December 2 statement, citing the aftermath of the May hack, which resulted in the theft of 4,502.9 bitcoin (BTC) valued at $305 million at the time.

Following the breach, DMM Bitcoin has significantly restricted its operations, halting withdrawals and the acceptance of new purchase orders for spot crypto assets.

While the perpetrators remain officially unidentified, it is believed that the North Korean state-backed threat actor Lazarus Group was behind the hack. Blockchain security experts pointed to laundering techniques and evidence linking the group to the heist. The stolen funds were reportedly funneled through various platforms, including the Cambodian payments firm Huione Guarantee, known for facilitating the laundering of billions in illicit funds.

DMM Bitcoin secured 55 billion yen (approximately $367 million) in loans to cover losses.

Japan's Financial Services Agency (FSA) launched an investigation, uncovering multiple issues in the exchange's risk management framework, including the lack of a dedicated risk management officer, consolidation of risk management, security, and development under a small team, and self-auditing by departments, without independent oversight.

Furthermore, the FSA noted violations of cryptocurrency handling regulations, including the failure to maintain logs critical for investigating the theft.