{"id":6700,"date":"2024-11-19T01:42:11","date_gmt":"2024-11-19T01:42:11","guid":{"rendered":"https:\/\/blockwind.news\/china\/?p=6700"},"modified":"2025-12-30T06:46:51","modified_gmt":"2025-12-30T06:46:51","slug":"japanese-conglomerate-halts-token-release-and-web3-venture-amidst-unforeseen-circumstances","status":"publish","type":"post","link":"https:\/\/blockwind.news\/china\/2024\/11\/19\/japanese-conglomerate-halts-token-release-and-web3-venture-amidst-unforeseen-circumstances\/","title":{"rendered":"Japanese Conglomerate Halts Token Release and Web3 Venture Amidst Unforeseen Circumstances"},"content":{"rendered":"\n<p>November 19, 2024<\/p>\n\n\n\n<p>By Joe Pan<\/p>\n\n\n\n<p><a href=\"https:\/\/www.dmm.com\/\"><u>DMM<\/u><\/a>&nbsp;Japan, a leading digital media and entertainment conglomerate, has announced the discontinuation of its &#8220;Seamoon Protocol,&#8221; a web3 initiative aimed at enhancing its blockchain gaming and entertainment offerings. This decision follows significant challenges faced by the company, including a major security breach earlier this year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" width=\"976\" height=\"548\" src=\"https:\/\/blockwind.news\/china\/wp-content\/uploads\/2024\/11\/panese-Cong-1.png\" alt=\"\" class=\"wp-image-6706\" srcset=\"https:\/\/blockwind.news\/china\/wp-content\/uploads\/2024\/11\/panese-Cong-1.png 976w, https:\/\/blockwind.news\/china\/wp-content\/uploads\/2024\/11\/panese-Cong-1-300x168.png 300w, https:\/\/blockwind.news\/china\/wp-content\/uploads\/2024\/11\/panese-Cong-1-768x431.png 768w, https:\/\/blockwind.news\/china\/wp-content\/uploads\/2024\/11\/panese-Cong-1-860x483.png 860w\" sizes=\"auto, (max-width: 976px) 100vw, 976px\" \/><\/figure>\n\n\n\n<p>In May 2024, DMM Bitcoin, the company\u2019s cryptocurrency exchange, was targeted in one of the largest hacks in Japanese history, resulting in an estimated loss of $305 million. The incident involved the unauthorized transfer of over 4,500 Bitcoin to unknown wallets, marking it as the third-largest crypto theft globally. While DMM Bitcoin assured its customers that all deposits were secure and that it was investigating the breach, details regarding the cause of the hack remain undisclosed. The company committed to compensating all affected investors and users within a month following the attack.<\/p>\n\n\n\n<p>The Seamoon Protocol was launched in 2023 under DMM Crypto Inc. (formerly DM2C Studio Inc.) with aspirations to advance DMM Group&#8217;s web3 business by leveraging on its proprietary ecosystem boasting over 40 million members.<\/p>\n\n\n\n<p>On Friday, November 15, in an official announcement on their <a href=\"https:\/\/front.portal.dm2c.dmm.com\/en\/news\/fh1ragft7vkxp3ckpbfg6uq5p4vdb4va\"><u>website<\/u><\/a>&nbsp;and on their official social media channels, DMM canceled the issuance of its original token, $SMP, and suspended further expansion of the Seamoon platform due to \u201cunforeseen circumstances\u201d and rapid changes in the business landscape.<\/p>\n\n\n\n<p>DMM Crypto Inc. outlined the following measures in response to the project\u2019s discontinuation:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cancellation of the issuance of the original token, $SMP.<\/li>\n\n\n\n<li>Suspension of adding new services to the SMP Platform.<\/li>\n\n\n\n<li>Gradual service closure of <em>KANPANI\u2606GIRLS RE:BLOOM<\/em>.<\/li>\n<\/ul>\n\n\n\n<p>DMM expressed gratitude to its supporters while apologizing for the abrupt halt of the project. The company is now evaluating future directions for its remaining services and partnerships associated with Seamoon. As part of this transition, existing services will gradually close.<\/p>\n\n\n\n<p><strong>About the Author<\/strong><strong><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/joepanimpactnews\/\"><strong><u>Joe Pan<\/u><\/strong><\/a>&nbsp;is an editor at Blockwind News and an early adopter of blockchain technology. He has covered major crypto conferences globally since 2019 and frequently moderates Web3 events across Asia. Joe is part of the founding team of NFTMetta and Blockwind News.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>November 19, 2024 By Joe Pan DMM&nbsp;Japan, a leading digital media and entertainment conglomerate, has announced the discontinuation of its &#8220;Seamoon Protocol,&#8221; a web3 initiative aimed at enhancing its blockchain gaming and entertainment offerings. This decision follows significant challenges faced by the company, including a major security breach earlier this year. In May 2024, DMM [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6700","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Japanese Conglomerate Halts Token Release and Web3 Venture Amidst Unforeseen Circumstances - Blockwind News<\/title>\n<meta name=\"description\" content=\"Japanese Conglomerate Halts Token Release and Web3 Venture Amidst Unforeseen Circumstances . 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