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In a recent heist, DMM Bitcoin, a cryptocurrency exchange based in Japan, announced the loss of 4,502.9 bitcoin, which amounts to approximately $305 million.
As recorded by Elliptic, a crypto security company, this incident ranks as the eighth biggest cryptocurrency theft in recorded history.
The breach was discovered on Friday when DMM Bitcoin spotted “an unauthorized outflow of Bitcoin (BTC) from our wallet,” and efforts have been made to halt additional losses. The exchange has also initiated preventive measures by limiting access to some services to bolster security, as per a computer-generated translation from DMM Bitcoin’s official notice (in Japanese).
DMM Bitcoin has assured that impacted users will not suffer financial losses, as it is set to secure an amount of BTC equivalent to the loss with the support of its parent group.
Attempts to reach DMM Bitcoin for further information have gone unanswered.
The reported losses of crypto to hackers are still a major concern, though according to web3 security firm De.Fi, which monitors such incidents, the $2 billion worth of cryptocurrency stolen in the previous year marks a decline and is the lowest yearly total since 2020.
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FAQs about the DMM Bitcoin Exchange Hack
What is DMM Bitcoin?
DMM Bitcoin is a cryptocurrency exchange operating in Japan, allowing users to trade various digital currencies.
How much was stolen in the DMM Bitcoin hack?
A total of 4,502.9 bitcoins were stolen from DMM Bitcoin, which is estimated to be worth around $305 million.
What measures has DMM Bitcoin taken after the hack?
The cryptocurrency exchange has taken steps to prevent further unauthorized access, including restrictions on some services and security enhancements to protect users’ assets.
Will the customers affected by the hack be reimbursed?
Yes, DMM Bitcoin has pledged to fully guarantee the Bitcoin deposits affected by the hack by procuring the equivalent amount of BTC with support from their group companies.
How does this hack rank in the history of cryptocurrency thefts?
According to Elliptic, the heist ranks as the eighth-largest cryptocurrency theft to date.
