$305 Million Hack Hits Japanese Crypto Exchange

DMM Bitcoin, a Japanese crypto exchange, announced a devastating loss of $305 million due to a recent hack.

The breach resulted in 4,502.9 Bitcoin (BTC) being siphoned from the platform.

In a blog post, DMM Bitcoin disclosed the security breach, stating that immediate measures were implemented to prevent further unauthorized transactions.

“Please be assured that we will procure the equivalent amount of BTC equivalent to the outflow with the support of the group companies and guarantee the full amount,” the crypto exchange assured its users.

Following the incident, DMM Bitcoin has temporarily restricted all spot purchases on its platform. Additionally, the company warned that withdrawals in Japanese yen might experience delays, urging users to remain patient as they navigate the aftermath of the hack.

Read more: 17 Best No KYC Crypto Exchanges: Top Choices in 2024

Mati Greenspan, Quantum Economic Founder & CEO, noted this is Japan’s third major crypto exchange hack in 10 years.

“The first was Mt. Gox in 2014 and then CoinCheck in 2028. You’d think by now people would learn not to leave their crypto on these centralized exchanges. Both of the previous hacks effectively halted crypto adoption in Japan for quite a while. I suspect this time will be no different as people often learn the wrong lesson from these type of things,” Greenspan told BeInCrypto.

This incident highlights the ongoing vulnerabilities within the crypto industry, even among prominent exchanges. Nevertheless, DMM Bitcoin’s swift response and commitment to covering the losses reflect its dedication to maintaining customer trust and stability in the market.

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