DMM Bitcoin, a Japanese Cryptocurrency Exchange, Announces Theft of $300 Million Worth of Bitcoin

DMM Bitcoin, a
cryptocurrency
exchange based in Japan, disclosed on Friday an incident of a massive breach resulting in the theft
of over $300 million in Bitcoin (CRYPTO:
BTC).

Incident Details: DMM Bitcoin published a
blog post explaining that thieves made
off with 4,502.9 BTC, an amount worth roughly $305.1 million at the prevailing exchange rates.

The exchange has pledged to safeguard user assets by promising to reimburse the stolen Bitcoin using reserves from
affiliated group companies. The exact schedule for this compensation, however, remains unannounced.

The compromise took place at 1:26 p.m. in Tokyo time, which aligns with a 4,502 BTC transaction flagged by the
Whale Alert service on X (formerly known as Twitter).

Following the incident, DMM Bitcoin has suspended various services including crypto withdrawals, spot trading, and
opening of new margin positions. The platform is also exercising caution with new account registrations.

It is also indicated that yen withdrawals from the exchange might face postponements, as detailed in their blog
update.

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DMM Bitcoin has yet to lay out a definitive timeframe for restoring full operations, but has announced that
further communication will follow.

As reported by Nikkei, a Japanese media outlet, DMM Bitcoin was the platform of choice for roughly 370,000
clients by year’s end 2023.

Should these reports be accurate, this misfortune would be counted among the most significant breaches in the
history of cryptocurrency exchanges. For context, the Coincheck hack resulted in a loss of nearly $533 million in
2018. Additionally, the notorious collapse of Mt Gox in 2014 led to a staggering $400 million loss and initiated
a lengthy restitution process which continues for its creditors.

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