Japanese Exchange DMM Bitcoin Hit by $306 Million Crypto Theft

Around $306 million in bitcoin was stolen from Japanese crypto exchange DMM Bitcoin in a security breach, with the firm promising to reimburse customers fully.

Key Insights

  • DMM Bitcoin announced a hack resulting in the theft of around $306 million worth of bitcoin.
  • The theft of 4,503 bitcoins is one of the largest crypto hacks on record.
  • DMM Bitcoin has promised to fully reimburse customers for any losses from the hack.

TOKYO (MarketsXplora) – Japanese cryptocurrency exchange DMM Bitcoin said on Friday that bitcoin worth around $306 million had been stolen in a security breach, one of the largest crypto hacks on record.

In a statement, the exchange, a subsidiary of e-commerce firm DMM Group, said it detected an “unauthorized leak” of about 4,503 bitcoins from its wallet around 1:26 p.m. local time.

If confirmed, the breach would rank as the eighth biggest crypto theft globally and the largest since the $477 million hack suffered by FTX last November, according to crypto analytics firm Elliptic.

DMM Bitcoin said it would compensate clients for any losses arising from the incident, promising to “fully guarantee” all customers’ bitcoin deposits by acquiring the equivalent amount stolen with support from group companies.

Details on how the hack occurred and whether any suspects had been identified were not immediately provided.

Read also! Crypto Exchange HTX Hacked Again, Loses $13.6M Via Cross-Chain Exploit

The hack highlights persistent security vulnerabilities plaguing the crypto sector despite steps by exchanges to bolster defenses after a series of high-profile cyber heists.

North Korea’s Lazarus hacking group was reported to be behind around $309 million worth of crypto thefts last year, representing 17% of all funds stolen through hacking in 2023, according to blockchain security firm Immunefi.

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