After the hacking incident of $306 million in May, DMM Bitcoin, a cryptocurrency exchange in Japan has decided to close its operation for good. The exchange on November 27 announced that it will be transferring customers accounts and assets to SBI VC Trade, a subsidiary known as SBI Group. By March 2025, finalization will be made with the transfer.
In May, hackers broke a 4,502.9 BTC theft from the platform. While DMM Bitcoin assured customers to get their deposits reimbursed, still creditors are waiting for compensation. The company collected a tally of $365.1 million loan in June to cover the losses.
The blockchain investigator, ZachXBT, linked the hack with the North Korean Lazarus Group, citing similarities of laundering techniques as critical evidence. Of the laundered stolen sum, about $35 million of the money is said to have been laundered through Huione Guarantee, a platform associated with cryptocurrency scams.
DMM Bitcoin was launched in January 2018 by DMM Group and has since been a part of Japan’s regulated crypto market.
South Korea Again Extended the Crypto Tax Bracket
South Korea has once again delayed the cryptocurrency capital gains tax installation: the third one now has it extended to 2027. The tax proposal first came in 2021 and is said to include a 20% tax for crypto gains above 2.5 million won around $1,784 per year. Now, party political opposition and regulatory hurdles have pushed it away.
They argue that as applied, such a tax would strangle the digital asset market at times of uncertainty. The ruling People Power Party warned that hasty taxation would dissuade investors since this sector entails high risk and possible loss.
Originally pushed back from 2022, the tax would now be effective on January 1, 2028.
Indonesia’s crypto volume increased by 350% in 2024.
In a much-awaited recovery for Indonesia’s cryptocurrency market, local trading volume has tagged $30 billion from January to October 2024, marking a whopping 350% rise year-on-year. There is also an upturn among numerous youths in the nation, whereby over 60% of investors are 18 to 30 years old. The statistics are released by the Commodity Futures Trading Supervisory Agency of Indonesia.
