Tuesday, June 25, 2024
HomeBTCJapanese Crypto Exchange DMM Bitcoin Suffers $305M Hack

Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack

DMM Bitcoin confirmed that it was the victim of a significant hack, which resulted in the theft of 4,502.9 Bitcoin, valued at approximately $305 million. This incident marks the eighth largest crypto theft in history, according to the crypto security firm Elliptic. The exchange detected an unauthorized leak from its wallet on Friday and has since taken measures to prevent further thefts and ensure additional security.

The hack was detected and reported on Friday, with the date not specified in the initial details. The company promptly responded to the incident by implementing restrictions and enhancing security measures.

The incident occurred at DMM Bitcoin, a crypto exchange based in Japan. The details were disseminated through the company’s official blog post and analyzed by various security firms globally.

DMM Bitcoin detected the unauthorized transaction that led to the substantial Bitcoin loss. In response, the exchange implemented several security measures and restricted some services to prevent further unauthorized activities. Additionally, DMM Bitcoin has pledged to fully guarantee all customers’ Bitcoin deposits by procuring an equivalent amount of BTC with support from its group companies, ensuring that affected users will not suffer financial losses as a result of the hack.

The theft at DMM Bitcoin is part of a broader trend of high-profile cyberattacks targeting cryptocurrency platforms. According to De.Fi, a web3 security firm, hackers stole around $2 billion in crypto from various attacks last year. Although this figure represents a significant amount of stolen assets, it is the lowest annual total since 2020, suggesting a possible improvement in security measures across the industry. However, incidents like the one at DMM Bitcoin highlight ongoing vulnerabilities within crypto exchanges and the need for continuous advancements in cybersecurity to protect user assets and maintain trust in the digital asset marketplace.

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