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$300 million in Bitcoin lost after major Japanese hack on cryptocurrency exchange
Dan Burgin
Over $300 Million in BTC Reportedly Stolen in Biggest Crypto Hack Since 2022
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The Japanese cryptocurrency exchange DMM Bitcoin has reported a significant cyber attack, resulting in the loss of 4,502.9 Bitcoins, worth approximately $300 million.
The exchange detected the unauthorized leak at around 1.26pm (4.26am GMT) and immediately implemented measures to prevent further unauthorized outflows.
In response to the hack, DMM Bitcoin assured users that they would procure the equivalent of the stolen Bitcoin with the help of group companies, guaranteeing the full amount. The exchange also restricted all spot purchases and warned that Japanese yen withdrawals could be delayed.
Catenaanalysis confirmed that it is the largest hack since December 2022 and the seventh largest cryptocurrency hack in history.
The exchange has taken additional security measures and implemented service restrictions to ensure additional safety. Despite the breach, DMM Bitcoin is committed to fully securing all customer Bitcoin deposits.
Meanwhile, Arkham Intel created a bounty to identify the hacker.
About the author
Dan Burgin
Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on cryptocurrencies. Covering a broad spectrum of topics, from fintech startups to artificial intelligence, he provides an in-depth overview of the current state of the cryptocurrency market, along with insights into its potential for future disruption.