Details of the Hack and Immediate Response
Japanese cryptocurrency exchange DMM Bitcoin has reported a significant security breach resulting in the loss of 48 billion yen ($305 million) worth of Bitcoin (BTC). In a blog post on its website, the exchange disclosed that 4,502.9 BTC were stolen in the hack. The exchange has implemented measures to prevent further unauthorized outflows.
Hacker Activity and Security Measures
According to data from security firm Blocksec, the hacker distributed the stolen Bitcoin across ten wallets, each containing 500 BTC. In response, DMM Bitcoin assured users that they would cover the equivalent amount of the stolen BTC with support from group companies and guarantee the full amount to affected users. The exchange has restricted all spot purchases on the platform and warned that Japanese yen withdrawals might take longer than usual.
Also Read: BNB Chain Faces $80K Bitcoin Exploit: Ethical Hacker
Broader Impact and Historical Context
This hack adds to the growing tally of cryptocurrency thefts in 2024, which had already seen over $473 million lost before this incident. The DMM Bitcoin hack ranks as the second-largest crypto theft in Japan, following the infamous 2018 Coincheck hack, where 58 billion yen were stolen.
DMM Bitcoin’s swift response and assurances aim to mitigate user concerns and stabilize the platform following this major security breach. The exchange’s efforts to secure additional BTC to cover the loss demonstrate a commitment to maintaining trust and confidence among its users.
