Major Crypto Hack: DMM Bitcoin Loses Nearly 300M Euros in Bitcoins
Japanese crypto exchange DMM Bitcoin has suffered a major hack, resulting in the theft of approximately 4,500 Bitcoins, valued at nearly 300 million euros. This incident, which occurred under the umbrella of the DMM Group, has left the company facing significant losses and users grappling with delayed withdrawals.
The hack, one of the largest in terms of value this year, has nearly doubled the cumulative damage from crypto hacks in 2023. The stolen Bitcoins are being systematically divided and distributed to different addresses, raising concerns about potential money laundering activities. DMM Bitcoin, a subsidiary of the large Japanese internet company DMM.com, has promised full compensation to affected users from the group's own funds. However, trading on the exchange has been temporarily limited, and withdrawals of Japanese yen are currently delayed.
The DMM hack has secured a ranking among the top 10 crypto hacks of all time, with Japan now home to three of the top 10 exchange hacks. This latest incident underscores the ongoing challenges faced by the crypto industry in ensuring the security of user assets.
DMM Bitcoin, a subsidiary of the DMM Group, has been hacked with a significant loss of Bitcoins. The company has committed to compensating users for the full damage. While trading and yen withdrawals are temporarily affected, the long-term impact on the exchange and its users remains to be seen.
