Bitcoin
$300 Million in Bitcoin Lost After Massive Japanese Crypto Exchange Hack
Dan Burgin
Over $300 Million in BTC Allegedly Stolen in Biggest Crypto Hack Since 2021
Read U.TODAY at
google news
Japanese cryptocurrency exchange DMM Bitcoin has reported a significant hack, resulting in the loss of 4,502.9 Bitcoins, valued at approximately $300 million.
The exchange detected the unauthorized leak at around 1:26 pm (4:26 am GMT) and immediately implemented measures to prevent further unauthorized outflows.
In response to the hack, DMM Bitcoin assured users that they would acquire the equivalent amount of stolen Bitcoin with the help of group companies, guaranteeing the full value. The exchange also restricted all cash purchases and warned that withdrawals of Japanese yen could be delayed.
Chainanalysis confirmed that this is the biggest hack since December 2021 and the seventh biggest crypto hack in history.
The exchange has taken additional security measures and implemented service restrictions to ensure further security. Despite the breach, DMM Bitcoin has committed to fully guaranteeing all customers’ Bitcoin deposits.
Meanwhile, Arkham Intel created a reward for identifying the hacker.
About the author
Dan Burgin
Dan is an editor and news writer with 12 years of experience in finance and emerging technologies, with a strong focus on cryptography. Covering a wide spectrum of topics from fintech startups to AI, it provides an in-depth overview of the current state of the crypto market along with insights into its potential for future disruption.