DMM Bitcoin, a Japanese cryptocurrency exchange, confirmed that more than $300m in Bitcoin (BTC) was stolen during a hack. The theft reportedly occurred on Friday, 31 May 2024.
DMM Bitcoin Hacked, More Than $300m In Bitcoin Stolen
DMM, Japan’s largest crypto exchange, said roughly 4,503 BTC, valued at about $308m, were illegally siphoned from a primary wallet. According to BITCOIN Magazine, the incident occurred around 13:26 local time and was orchestrated via “unauthorised access.”
To date, the company has not divulged how the breach was done. It did, however, confirm that the matter is under investigation. In its formal statement, DMM Bitcoin indicated measures were implemented to prevent similar incidents. These included limitations on specified services, such as opening new accounts, executing withdrawals, and processing new buying orders for spot trading.
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Based on a CoinMarketCap report, this incident is one of the largest recent digital hacks. It is reportedly the most significant hack in two years and is only outdone by the 2018 Coincheck digital theft of more than $550m in 2018.
Security gaps have been a burning issue in the digital asset industry. CoinMarketCap indicated this led to several breaches, including fraud. In 2022, more than $4bn in digital assets was stolen.
DMM reassured its customers that BTC deposits are guaranteed. Customers can also still perform withdrawals in Japanese Yen. In its statement, DMM Bitcoin emphasised its commitment to security and said:
Please rest assured that all of your Bitcoin (BTC) deposits will be fully guaranteed as we will procure the equivalent amount of BTC that was leaked with support from our group companies.
