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Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack
Measures have been taken to prevent further unauthorized outflows, the exchange said.
Updated May 31, 2024, 4:25 p.m. Published May 31, 2024, 1:40 p.m.
- 4,502.9 BTC ($305 million) was stolen from the exchange.
- DMM Bitcoin said it will guarantee the full amount stolen.
- All spot buys have been temporarily restricted and customers withdrawing yen may face delays.
DMM Bitcoin, a Japanese cryptocurrency exchange, said it lost 48 billion yen ($305 million) of bitcoin following a hack.
In a blog post on its website, DMM Bitcoin said 4,502.9 BTC "leaked" out of the exchange. Measures have been taken to avoid further unauthorized outflows.
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Data provided by security firm Blocksec shows that the hacker divided up the stolen bitcoin across 10 wallets in batches of 500 BTC.
"Please be assured that we will procure the equivalent amount of BTC equivalent to the outflow with the support of the group companies and guarantee the full amount," DMM Bitcoin said.
The exchange has restricted all spot buys on the platform and added that Japanese yen withdrawals "may take more time than usual."
More than $473 million had been lost to cryptocurrency hacks in 2024 prior to this theft, which is the second largest in Japan as Coincheck was hacked for 58 billion yen in 2018.
UPDATE (May 31, 16:25 UTC): Adds data from Blocksec on the flow of stolen funds, paragraph on crypto hacks in 2024.
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