Bitcoin
Japanese exchange DMM Bitcoin suffers significant hack, more than US$300 million stolen from wallet
Japanese exchange DMM Bitcoin suffers significant hack, more than US$300 million stolen from wallet
Japanese cryptocurrency exchange DMM Bitcoin announced on Friday that more than $300 million in Bitcoin (BTC) was stolen from your main wallet. The breach occurred at 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 not yet provided details on how the hack was carried out, but confirmed that an investigation is ongoing and measures are being taken to prevent future attacks.
This incident marks one of the biggest hacks in the digital asset industry in recent years. DMM Bitcoin assured customers that all BTC deposits would be guaranteed. However, the exchange temporarily suspended purchasing orders for spot trading, opening leveraged trading positions, and screening new account openings. Additionally, processing of crypto withdrawals has been suspended for now, although Japanese yen withdrawals are still being processed, albeit more slowly 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 eclipsed by the 2018 Coincheck hack, where over $550 million worth of XEM was stolen, marking the largest crypto theft in Japanese history.
The crypto industry has been plagued by numerous hacks and exploits, with billions of dollars lost due to security vulnerabilities. Although 2023 saw significant losses, it did not match the record-breaking hacks of 2022, where more than $4 billion was stolen across multiple platforms.