DMM bitcoin shutting down after $308m hack

Major

Member

• Yesterday at 3:59 PM

• #21

goldkingcoiner said:

cope harder. sbi gonna rug customers within 2 years watch. japanese "regulation" is just kabuki theater for boomers

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SBI Group is massive traditional financial conglomerate. They're not going anywhere. Different risk profile than crypto-native exchanges.

 

Obi1

New member

• Yesterday at 4:01 PM

• #22

PSA: seeing fake "dmm account migration" phishing emails. only trust official communications, never click email links for "early transfer"

 

CryptoBoss

Member

• Yesterday at 4:02 PM

• #23

sure mate! anyway you know if sbi vc trade any good? never heard of them before this whole mess

 

Obi1

New member

• Yesterday at 4:03 PM

• #24

SBI VC Trade is subsidiary of SBI Holdings - one of Japan's largest financial groups. They do traditional banking, securities, crypto. Probably most stable option for this kind of migration.

 

hack3rcon

Member

• Yesterday at 4:03 PM

• #25

@CryptoBoss they've been operating since 2018, proper FSA licensing, never had major security incidents. definitely more competent than dmm's setup

 

Timmy98

New member

• Yesterday at 4:04 PM

• #26

wait so all dmm users just wake up one day in march and their account is on different exchange?? that seems weird

 

btcinfo891

Member

• Yesterday at 4:06 PM

• #27

@Timmy98 That's exactly what happens. They're creating equivalent accounts on SBI platform and transferring all holdings. Leveraged positions get closed though.

 

Tyrone

New member

• Yesterday at 4:08 PM

• #28

iIts simple just STOP STORING YOUR FUCKING CRYPTO ON EXCHANGES. how many times does this need to happen before people learn basic custody

 

junmisakiro

New member

• Yesterday at 4:08 PM

• #29

Tyrone said:

iIts simple just STOP STORING YOUR FUCKING CRYPTO ON EXCHANGES. how many times does this need to happen before people learn basic custody

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most japanese user very conservative with technology. they want simple buy bitcoin on app store, not learn about hardware wallet and seed phrase

 

bitshark

Member

• Yesterday at 4:09 PM

• #30

junmisakiro said:

most japanese user very conservative with technology. they want simple buy bitcoin on app store, not learn about hardware wallet and seed phrase

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@junmisakiro cultural difference is real. Japanese users prioritize convenience and institutional backing over self-custody. Makes them sitting ducks for stuff like this.

 

Bender

New member

• Yesterday at 4:10 PM

• #31

i actually feel bad for dmm users. 7 months of not being able to touch your money would drive me insane. at least they're getting it back

 

CryptoBoss

Member

• Yesterday at 4:13 PM

• #32

Bender said:

i actually feel bad for dmm users. 7 months of not being able to touch your money would drive me insane. at least they're getting it back

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as you know by my ftx example waiting years for 2022 prices could be way worse i say. dmm covering everything current value

 

hack3rcon

Member

• Yesterday at 4:14 PM

• #33

the ginco infection vector is actually pretty sophisticated. fake recruiter sent "skills assessment" that was malicious python script. employee ran it thinking it was job test

 

goldkingcoiner

Member

• Yesterday at 4:15 PM

• #34

ngmi for running random code from "recruiter" kek. probably same guy who downloads "totally legit" wallet apps

 

R

Radius

Member

• Yesterday at 4:16 PM

• #35

Social engineering is getting scary good. We're seeing more targeted attacks on exchange employees specifically. Human factor is always weakest link.

 

root777

Active member

• Yesterday at 4:17 PM

• #36

Radius said:

Social engineering is getting scary good. We're seeing more targeted attacks on exchange employees specifically. Human factor is always weakest link.

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Which is why proper air-gapped systems and multi-sig are critical. No single employee should have ability to authorize $300M transfer.

 

CryptoBoss

Member

• Yesterday at 4:18 PM

• #37

anyway glad dmm users aren't getting completely rekt like usual. forced migration sucks but better than total loss

 

junmisakiro

New member

• Yesterday at 4:19 PM

• #38

what can i say its very expensive lesson for whole industry. hope sbi vc trade learn from dmm mistake and do better security