Japanese Exchange DMM Bitcoin Suffers Major Hack, Steals Over $300M From Wallet

Japanese Exchange DMM Bitcoin Suffers Major Hack, Steals Over $300M From Wallet

Japanese cryptocurrency exchange DMMBitcoin announced on Friday that it was worth more than $300 million. Bitcoin (BTC) His primary wallet was stolen. The breach occurred around 1:30 p.m. local time, with DMM Bitcoin reporting that approximately 4,503 BTC, worth approximately $308 million at the time, “illegally leaked” from its wallet. had gone The company has yet to provide details on how the hack was carried out but confirmed that an investigation is ongoing and steps are being taken to prevent future attacks.

The incident is one of the biggest hacks in the digital asset industry in recent years. DMM Bitcoin assures users that all BTC deposits will be guaranteed. However, the exchange has temporarily stopped the screening of purchase orders for spot trading, opening of leveraged trading positions, and opening of new accounts. Additionally, crypto withdrawals are currently suspended, although withdrawals in the Japanese yen are still ongoing, albeit slower than usual.

This hack is the most significant crypto-related exploit the industry has faced in some time. It surpasses any hack seen so far this year or 2023. The incident is only overshadowed by the 2018 Coincheck hack, where $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 doesn’t match the record-breaking hacks of 2022, where more than $4 billion was stolen from various platforms.

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