$300 Million in Bitcoin Lost After Major Japanese Crypto Exchange Hack

Japanese cryptocurrency exchange DMM Bitcoin has reported a significant hack, resulting in the loss of 4,502.9 Bitcoins, valued at approximately $300 million.

The exchange detected the unauthorized leak at around 1:26 p.m. (4:26 a.m. GMT) and immediately implemented measures to prevent further unauthorized outflows.

In response to the hack, DMM Bitcoin assured users that they would procure the equivalent amount of the stolen Bitcoin with the help of group companies, guaranteeing the full amount. The exchange has also restricted all spot buys and warned that Japanese yen withdrawals might experience delays.

Chainalysis confirmed that this is the largest hack since December 2022 and the seventh-largest crypto hack in history.

🚨 Today's hack of Japanese exchange DMM Bitcoin for $305M worth of bitcoin is the biggest hack since Dec 2022 and the 7th largest crypto hack ever. Chainalysis has labelled the stolen funds in our products. https://t.co/AkvIK5VIcD
— Chainalysis (@chainalysis) May 31, 2024

The exchange has taken additional safety measures and implemented service restrictions to ensure further security. Despite the breach, DMM Bitcoin has committed to fully guaranteeing all customer Bitcoin deposits.

Meanwhile, Arkham Intel created a bounty to identify the hacker.

About the author

Dan Burgin

Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto. Covering a broad spectrum of topics, from fintech startups to AI, he provides an in-depth overview of the current state of the crypto market, along with insights into its potential for future disruption.

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