Bitcoin
Hacked Japanese Crypto Exchange DMM Bitcoin Plans Massive BTC Purchase
In the latest development, DMM Bitcoin, the hacked Japanese crypto exchange is planning to raise a whopping 50 billion yen ($320 million) to buy Bitcoins. This measure aims to compensate all customers who are victims of the Hacking DMM Bitcoin incident last week.
DMM Bitcoin plans to purchase BTC
In a statement earlier today, June 5, DMM Bitcoin stated that it would take sufficient measures to avoid any effect on the Bitcoin market, while ensuring that it will be a planned purchase. Furthermore, the exchange also stated that it would be conducting an investigation into the “unauthorized exit” that occurred last week.
According to the details, the total outflow from the exchanges was approximately 4,503 Bitcoins, worth $320 million according to the current Bitcoin Price from $70,879.
Chainalysis, a platform that monitors the movement of digital assets across blockchains, identified the recent breach as the seventh largest crypto hack to date.
Japan’s Financial Services Agency has mandated DMM Bitcoin to provide a detailed account of the origins of the breach and outline compensation protocols for affected customers.
Additionally, Finance Minister Shunichi Suzuki affirmed the government’s commitment to implementing measures aimed at preventing future security breaches on cryptocurrency exchanges.
Crypto Hackers Reign Again
As the cryptocurrency industry continues to gain momentum and popularity, the number of hacking incidents has not stopped. Despite its reputation as one of the most crypto-friendly nations, Japan has faced a number of notable hacking incidents.
The most prominent occurred in 2014, when the Mt. Gox exchange filed for bankruptcy following a robbery, resulting in a loss of over $470 million. Later in 2018, another Japanese cryptocurrency exchange, Coincheck, suffered a comparable breach, losing more than $500 million.
The Mount Gox rehab administrator has been working on its repayment plans and has moved an impressive $10 billion worth of BTC and BCH over the past week. According to previous courses, Mount Gox will finish its redistribution around September 2024, so that it will not affect the price of Bitcoin in the future.