Bitcoin
Japanese Crypto Exchange DMM Bitcoin Hacked: Bitcoin Worth $305 Million Drained
Japanese cryptocurrency trading platform – DMM Bitcoin – was the victim of a hack that resulted in a massive loss of Bitcoin worth around $305 million on May 31.
The exchange confirmed the attack and revealed that 4,502.9 bitcoins were drained from its systems. DMM Bitcoin did not provide additional details about the breach, but stated that it is conducting an investigation and has implemented measures to prevent the recurrence of such an attack.
Bitcoin DMM hacked
Following the incident, DMM Bitcoin stated that it had implemented measures to prevent any further unauthorized outflows of cryptocurrencies from its platform, according to its official statement. announcement posted on the exchange’s website.
The company has committed to covering all Bitcoin deposits to fully refund customers and stated that it plans to acquire an equivalent amount of lost BTC with the support of group companies.
“Rest assured that we will acquire the equivalent amount of BTC equivalent to the exit with the support of group companies and guarantee the full value.”
DMM Bitcoin said it has implemented restrictions, halting all spot purchase transactions on its platform. The exchange also warned users that withdrawals involving Japanese yen may experience significant delays compared to normal processing times.
Coin Verification Hack
In 2020, another popular Japanese cryptocurrency exchange was hacked during which personal information and emails were allegedly compromised. The breach occurred between May 31 and June 1, 2020, when a third party accessed Coincheck’s domain registration service, changed domain information, and illegally gained access to some customer emails.
Coincheck was also hacked for $533 million, consisting primarily of NEM tokens in 2018. The breach was largely attributed to the exchange’s inadequate security measures at the time. Instead of using offline cold wallets or secure multi-sig wallets as recommended by NEM, Coincheck stored most of its customers’ NEM in a single online hot wallet protected by just one private key.