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Saturday, June 22, 2024

Cyberattack on DMM Bitcoin: $300M Stolen from Exchange Wallet

Japanese cryptocurrency exchange DMM Bitcoin announced on Friday that over $300 million worth of Bitcoin (BTC) was stolen from its primary wallet. The breach occurred around 1:30 pm local time, with DMM Bitcoin reporting that approximately 4,503 BTC, valued at around $308 million at the time, had been “illegally leaked” from its wallet. The company has yet to provide details on how the hack was executed but confirmed that an investigation is underway and measures are being taken to prevent future attacks.

This incident marks one of the largest hacks in the digital asset industry in recent years. DMM Bitcoin assured customers that all BTC deposits would be guaranteed. However, the exchange has temporarily halted the buying of orders for spot trading, the opening of leveraged trading positions, and the screening of new account openings. Additionally, the processing of crypto withdrawals has been suspended for the time being, although withdrawals in Japanese Yen are still being processed, albeit slower than usual.

This hack is the most substantial crypto-related exploit the industry has faced in some time. It surpasses any hack seen so far this year or in 2023. The incident is only overshadowed by the 2018 Coincheck hack, where over $550 million worth of XEM was stolen, marking the largest crypto heist in Japan’s history.

The crypto industry has been plagued by numerous hacks and exploits, with billions of dollars lost due to security vulnerabilities. While 2023 saw significant losses, it did not match the record-breaking hacks of 2022, where over $4 billion was stolen across various platforms.

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