DMM bitcoin shutting down after $308m hack

[Major]

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

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

 

[Obi1]

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

 

[CryptoBoss]

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

 

[Obi1]

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]

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

 

[Timmy98]

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

 

[btcinfo891]

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

 

[Tyrone]

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

 

[junmisakiro]

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

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

 

[bitshark]

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

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

 

[Bender]

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]

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

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

 

[hack3rcon]

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]

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

 

[Radius]

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

 

[root777]

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

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

 

[CryptoBoss]

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

 

[junmisakiro]

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