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Crypto Exchange DMM Bitcoin to Raise $320M to Pay Back Hack Victims
The Japanese exchange said it will obtain support from "group companies."
Updated Jun 5, 2024, 11:59 a.m. Published Jun 5, 2024, 11:56 a.m.
- DMM Bitcoin will raise 7 billion yen ($44 million) through loans and 48 billion yen through a capital increase.
- The capital will be used to purchase bitcoin and pay back users who held BTC on the exchange.
- The cause of the hack remains unclear.
Japanese crypto exchange DMM Bitcoin has outlined plans to raise $320 million to purchase bitcoin and repay victims of last week's hack.
According to a statement on its website, all BTC held by users will be guaranteed by obtaining support from "group companies." DMM Bitcoin is a subsidiary of DMM Financial, which is itself a unit of DMM Group, a conglomerate founded in 1999 that earned 347.6 billion yen ($2.2 billion) in 2023.
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On June 3, DMM Bitcoin secured a 5 billion yen loan. It will raise another 48 billion yen on June 7 through a "capital increase." And on June 10 it will add 2 billion yen through subordinated loans, the statement said.
The capital will be used to purchase bitcoin and reimburse customers that held BTC in their accounts.
The cause of the hack, which saw more than $305 million stolen, remains unclear. DMM Bitcoin said it is investigating and will update users in due course.
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