Japan crypto exchange DMM Bitcoin set for liquidation

SBI Group to acquire the assets after $320m fraud curtailed DMM's services

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DMM Bitcoin has struggled since the fraud incident in May. (Photo by Takanobu Aimatsu)

TAKANOBU AIMATSU, Nikkei staff writer

TOKYO -- Japanese cryptocurrency exchange DMM Bitcoin will liquidate, Nikkei has learned, ceasing efforts to revamp operations after losing 48.2 billion yen ($320 million) in an incident of fraud during May that rendered it unable to offer sufficient services to customers.

The exchange intends to transfer customer assets to SBI VC Trade, an exchange operator under SBI Group, around March.

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