Investing.com – DMM, the cryptocurrency subsidiary of Japanese internet giant DMM.com, announced on Friday a major security breach in which more than $300 million was stolen in .
The exchange confirmed the incident, but did not explain how the assets were stolen. DMM Bitcoin abruptly froze most of its services, including deposits, withdrawals, and the trading of almost all cryptocurrencies.
“At approximately 1:26 pm on Friday, May 31, 2024, we detected an unauthorized leak of bitcoin from our wallet,” DMM Bitcoin stated. The ad, originally in Japanese, was translated into Spanish and posted on the company’s website.
The exchange house reported that 4,502.9 bitcoins had been stolen, worth approximately $306 million. DMM Bitcoin assured its customers that their bitcoin deposits would be fully refunded. “Rest assured, all your bitcoin deposits will be fully guaranteed as we will get the equivalent amount of BTC that was leaked with the support of our group companies,” the statement read.
In a blog post on its website, DMM Bitcoin reiterated that measures had been taken to prevent further unauthorized outflows. The exchange has restricted all direct purchases on the platform and warned that Japanese yen withdrawals could take longer than usual due to the incident.
In 2018, rival exchange Coincheck suffered one of the largest hacks in the industry’s history, losing around $534 million worth of NEM (XEM) from its hot wallet. At the time, the Monex Group subsidiary spent several weeks trying to identify the attackers and understand how the attack occurred.
The Coincheck hack had wide-ranging repercussions for both the company and the Japanese cryptocurrency industry as a whole. Furthermore, his reputation was severely damaged by the attack. In addition to financial losses, the company faced widespread criticism for its inadequate security measures and failure to protect user funds.
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