Japanese Crypto Exchange DMM Hacked for $305M Worth of BTC

Japanese cryptocurrency exchange DMM Bitcoin suffered a hacking incident, resulting in the theft of 4,502.9 bitcoin (BTC), which was worth around $305 million at the time of the hack.

DMM Suspends Services 

Following the hack, the DMM team swiftly suspended certain services to prevent further authorized outflows from the exchange. For now, users will not be able to perform several transactions on the platform including withdrawals and buying orders for spot trading, However, users can still make deposits.

As of press time, it remains unclear how exactly the incident occurred. However, the team mentioned “leaked” in a blog post. It’s unclear what this means until the exchange provides a more detailed analysis.

DMM to Replenish Stolen BTC

The team has reassured users that their deposits are safe. They pledged to replenish the exact amount stolen from the platform, ensuring no loss to the users.

“Please be assured that we will procure the equivalent amount of BTC equivalent to the outflow with the support of the group companies and guarantee the full amount,” DMM Bitcoin said.

Meanwhile, the latest incident has been described as one of the largest hacks to hit the industry in recent years. Moreover, it is the second largest in Japan’s history. 

Cyber security threats like hacks have become a prevailing issue in the crypto sector in recent years. According to blockchain security firm Immunefi, more than $336 million was stolen from investors during the first quarter of this year.