SBI Holdings, Inc., a financial services company headquartered in Tokyo, has announced the upcoming transfer of customer accounts and assets from DMM Bitcoin Co., Ltd., a cryptocurrency exchange operator. The transition is scheduled to take place on Saturday, March 8, 2025, following an agreement between the two companies.

Customers of DMM Bitcoin will not be required to open new accounts with SBI Holdings, as accounts will be automatically created, ensuring a seamless transition. All account registration details, identity verification documents, and related information will be appropriately transferred in compliance with legal requirements.

DMM Bitcoin was the victim of a significant hacking incident, which resulted in substantial losses of customer funds. The attack targeted the exchange's hot wallets, which are typically more vulnerable to cyber threats due to their connection to the internet for transaction purposes. While the exact amount stolen was not officially disclosed, sources familiar with the matter suggested that the losses ran into the tens of millions of dollars.

The Federal Bureau of Investigation (FBI) later attributed the attack to North Korean-linked hacking groups, specifically Lazarus Group, which has been implicated in numerous high-profile cryptocurrency thefts globally. The Lazarus Group, known for its sophisticated cyber operations, has allegedly been exploiting vulnerabilities in cryptocurrency exchanges to fund North Korea's nuclear weapons and ballistic missile programs.

SBI Holdings plans to introduce 14 additional cryptocurrencies currently offered by DMM Bitcoin but not yet supported by SBI’s platform. However, cryptocurrency-to-cryptocurrency trading pairs, such as ETH/BTC, will not be included. 

Unlike DMM Bitcoin, SBI Holdings does not offer leveraged trading and has no plans to introduce it. Existing unsettled leveraged trading positions on DMM Bitcoin will not be eligible for transfer. SBI does, however, allow crypto assets to be used as margin, enabling customers to earn daily fees based on their positions.

Customers holding specific cryptocurrencies, including ETH, AVAX, OAS, FLR, and HBAR, will be automatically enrolled in SBI’s staking services upon transfer. The first staking rewards are expected to be distributed in early April 2025. 

The transfer will include both Japanese yen and physical crypto assets. Transaction reports and related documents from DMM Bitcoin will also be inherited by SBI Holdings.