Japanese Exchange DMM Bitcoin loses over $300 million in BTC to Hackers
Major Japanese cryptocurrency exchange DMM Bitcoin announced on Friday, May 31, that over $300 million worth of bitcoin had been stolen in a security breach. The estimated value of the stolen money, according to Arkham Intel, is 4,502.9 BTC, or roughly 48.2 billion yen (or $308 million).
DMM Bitcoin, a division of DMM Group, also confirmed through a post on its website that at around 1:26 p.m. on Friday, May 31, 2024, an unauthorized bitcoin leak from the company wallet was noticed."
DMM Bitcoin suspended a number of services in response to the breach, including screening for the opening of new accounts, procedures for withdrawing cryptocurrency, and putting a stop to any new open orders for leveraged trading (only selling orders are accepted).In addition, the exchange has prohibited all spot purchases on the platform and warned users that withdrawals of Japanese yen might take longer than usual due to increased security and ongoing investigations.
In response to the hack, DMM Bitcoin has acted to reassure its customers, declaring that "We will secure the BTC equivalent to the outflow and guarantee the entire amount with the help of the group companies."
A report from crypto forensics company Elliptic stated that the DMM Bitcoin breach is the "eighth largest crypto hack of all time and the largest since the $477 million hack suffered by FTX in November 2022."
🚨 Today's hack of Japanese exchange DMM Bitcoin for $305M worth of bitcoin is the biggest hack since Dec 2022 and the 7th largest crypto hack ever. Chainalysis has labelled the stolen funds in our products. https://t.co/AkvIK5VIcD
— Chainalysis (@chainalysis) May 31, 2024
On the other hand, Chainalysis, a New York City-based American blockchain analysis company, tweeted that the $305 million worth of bitcoin that was stolen from the Japanese exchange DMM Bitcoin is the largest since December 2022 and the seventh largest in history.
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