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Hacked crypto exchange DMM seals deal with SBI, accounts to open March

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Japanese cryptocurrency exchange DMM Bitcoin, which suffered a $320 million Bitcoin (BTC) loss in a May 2024 hack, has finalized an agreement to transfer its customer accounts and assets to SBI VC Trade.

The transfer is scheduled for March 8, 2025, with SBI automatically creating accounts for DMM’s customers, eliminating the need for them to register anew.The May security breach involved unauthorized access to DMM’s servers, resulting in the theft of private keys associated with wallets holding over 4,500 BTC.

Subsequent investigations by the FBI, the Department of Defense Cyber Crime Center, and Japan’s National Police Agency attributed the attack to the North Korea-linked group TraderTraitor. The hackers reportedly used social engineering tactics, including posing as recruiters on LinkedIn, to compromise an employee at Japanese crypto wallet firm Ginco, ultimately facilitating the theft.

In the aftermath of the hack, DMM Bitcoin pledged to fully compensate affected users but found it unsustainable to continue operations independently. Consequently, the exchange decided to liquidate and transfer its customers to SBI VC Trade. SBI plans to introduce 14 new spot trading pairs by March 2025, expanding its offerings to include cryptocurrencies such as Tron (TRX), The Sandbox (SAND), Algorand (ALGO), and Maker (MKR). However, SBI does not intend to continue DMM’s leverage trading services.

This incident is part of a broader trend in 2024, where losses from attacks on centralized crypto services have more than doubled compared to the previous year, reaching $694 million. Notably, the DMM Bitcoin hack and a $235 million breach of the India-based crypto exchange WazirX are among the most significant examples.

The transition of DMM Bitcoin’s customers to SBI VC Trade aims to provide a more secure environment for users, reflecting the industry’s ongoing efforts to enhance security measures in response to increasing cyber threats.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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