Bitcoin

48 billion yen worth of bitcoin cryptocurrency disappears from Japanese exchange

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6 months ago

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DMM Bitcoin Co., operator of a Japanese cryptocurrency exchange, said on Friday that digital assets worth at least 48.2 billion yen ($300 million) have disappeared for an unknown reason.

The Tokyo-based company, subordinate to major IT company DMM.com LLC, said it detected the abnormality at around 1:26 pm on the same day and suspended operations such as virtual currency withdrawals and review of new account applications.

The amount of cryptocurrency lost is believed to be the second-largest ever in Japan, surpassed only by the 58 billion yen stolen from the Coincheck exchange in Tokyo in a similar incident in 2018.

Tokyo police will investigate the case on Friday upon receiving an inquiry from DMM Bitcoin, according to an investigative source.

The company said it trades around 40 types of cryptocurrencies. Its report for the fiscal year to March 2023 said the number of accounts was around 377,000.

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