Hackers steal $305M from DMM Bitcoin crypto exchange

Hackers stole $305M in Bitcoin from DMM Bitcoin, marking the eighth largest crypto theft.

: Japanese cryptocurrency exchange DMM Bitcoin was hacked, resulting in the theft of approximately $305 million worth of Bitcoin. The company has guaranteed full compensation for affected customers using resources from its group companies. This incident is the eighth largest in a series of significant crypto thefts.

DMM Bitcoin, a Japanese cryptocurrency exchange, confirmed a major security breach where hackers managed to steal 4,502.9 Bitcoin, which is valued at about $305 million. The cyberattack has been ranked as the eighth largest in the history of cryptocurrency thefts according to Elliptic, a crypto security firm. The theft was detected on Friday when the exchange noticed an unauthorized leakage of Bitcoin from their wallet, prompting immediate investigative and preventive actions.

Following the discovery of the breach, DMM Bitcoin took several steps to mitigate further losses and enhance security. These included implementing restrictions on some services to bolster safety measures. Additionally, in its official blog post, DMM Bitcoin assured its customers that all lost Bitcoin would be fully reimbursed, with funds procured from its affiliate companies. The assurance to fully guarantee the stolen Bitcoin reflects their commitment to customer security and trust in handling crisis situations.

The hack into DMM Bitcoin underscores a continuing risk in the digital currency landscape, evidenced by the theft of nearly $2 billion in cryptocurrencies across numerous incidents last year. While this total amount represents a decrease from previous years, the substantial sums involved highlight significant vulnerabilities in crypto exchanges and wallets. DMM Bitcoin's response to the incident, and their promise of compensation, indicates a continued effort within the industry to address security challenges and restore user confidence after such breaches.