DMM Bitcoin, a Japanese Exchange, Suffers a $305 Million Hack Attack

<div>
    <p>
        <span class="amp-wp-fe3f5cc">As one of the top cryptocurrency exchanges in Japan, </span>
        <a href="https://bitcoinist.com/expert-explores-famous-stars-impact-on-crypto/" target="_blank" rel="noopener">
            <span class="amp-wp-fe3f5cc">DMM Bitcoin</span>
        </a> 
        <span class="amp-wp-fe3f5cc">reported a significant loss of 48 billion yen ($305 million) in a Bitcoin (BTC) security breach.</span>
    </p>
    <p>
        <span class="amp-wp-fe3f5cc">The breach was detected on May 31, 2024, with a confirmed extraction of BTC from the company's digital wallet, leading to a suspension of various services to secure customers' funds.</span>
    </p>
    <h2>
        <span class="amp-wp-fe3f5cc">DMM Bitcoin Confronts System Intrusion</span>
    </h2>
    <p>
        <span class="amp-wp-fe3f5cc">Media sources </span>
        <a href="https://coinpost.jp/?p=534799" target="_blank" rel="noopener nofollow">
            <span class="amp-wp-fe3f5cc">indicate</span>
        </a>
        <span class="amp-wp-fe3f5cc"> that 4,502.9 BTC disappeared due to this unauthorized access, and steps have been taken to impede further incidents.</span>
    </p>

    <p>
        <span class="amp-wp-fe3f5cc">DMM Bitcoin has paused numerous operations, including new account reviews, cryptocurrency withdrawals, and most trading activities, to strengthen security.</span>
    </p>
    <p>
        <span class="amp-wp-fe3f5cc">The firm has pledged to recover the amount equivalent to the </span>
        <a href="https://bitcoinist.com/spot-xrp-cardano-solana-etf-inevitable-ripple-ceo/" target="_blank" rel="noopener">
            <span class="amp-wp-fe3f5cc">stolen BTC</span>
        </a>
        <span class="amp-wp-fe3f5cc">, with assurances provided to clients regarding the safety of their holdings backed by law and internal policies.</span>
    </p>
    <h2>
        <span class="amp-wp-fe3f5cc">Drawing Parallels with the Past: Coincheck</span>
    </h2>
    <p>
        <span class="amp-wp-fe3f5cc">DMM Bitcoin has underscored customer protection practices on their security page, implying the use of cold storage and routine checks as defense mechanisms. Despite this, speculation rises that the lost BTC may have been taken from less secure hot wallets.</span>
    </p>

    <p>
        <span class="amp-wp-fe3f5cc">In an official </span>
        <a href="https://bitcoin.dmm.com/news/20240531_01" target="_blank" rel="noopener nofollow">
            <span class="amp-wp-fe3f5cc">announcement</span>
        </a>
        <span class="amp-wp-fe3f5cc">, the firm reassured clients that compensation for the leaked BTC is secured through collaborative recovery efforts.</span>
    </p>

    <p>
        <span class="amp-wp-fe3f5cc">The event has notable similarities to the 2018 Coincheck hack, underscoring the regulatory push for improved exchange safeguards.</span>
    </p>

    <figure class="wp-caption aligncenter amp-wp-04d8542">
        <amp-img class="size-medium amp-wp-enforced-sizes" src="https://www.tradingview.com/x/XHiSb09J/" alt="DMM Bitcoin" width="1815" height="858" layout="intrinsic">
            <img src="data:image/svg+xml;base64,PHN2ZyBoZWlnaHQ9Ijg1OCIgd2lkdGg9IjE4MTUiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgdmVyc2lvbj0iMS4xIi8+" alt="" aria-hidden="true" class="i-amphtml-intrinsic-sizer" role="presentation"/>
            <img loading="lazy" decoding="async" src="https://www.tradingview.com/x/XHiSb09J/" alt="DMM Bitcoin" width="1815" height="858"/>
        </amp-img>
        <figcaption class="wp-caption-text">The one-day chart depicts a recent downtrend in BTC price, according to <a href="https://www.tradingview.com/chart/7W2R5XTA/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a>.</figcaption>
    </figure>

    <p>
        <span class="amp-wp-fe3f5cc">Currently, BTC is valued at $67,400, showing a swift downward trend with a 1.5% decrease over the past 24 hours.</span>
    </p>
    <p>
        <span class="amp-wp-fe3f5cc">Image credit: Shutterstock, data visualization from TradingView.com</span>
    </p>
</div>

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#Japanese #Exchange #DMM #Bitcoin #Falls #Victim #Million #Hack