More than $300 million worth of Bitcoin stolen from Japanese exchange DMM Bitcoin

On Friday, DMM Bitcoin, a Japanese cryptocurrency exchange, announced that more than $300 million worth of bitcoin was stolen from its wallets. The exchange, a subsidiary of DMM Group, said the theft was discovered on Friday afternoon and involved 4,502.9 bitcoin, worth approximately $306 million.

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Promise of compensation

In a statement on the company’s website, DMM Bitcoin promised to fully reimburse its customers for the loss. The company said: “Rest assured that all your bitcoin deposits will be fully guaranteed as we will obtain the equivalent of the leaked BTC with the support of our group companies.”

Top 10 Biggest Hacks

If this theft If confirmed, this would be the eighth largest crypto theft of all time and the largest since the $477 million hack of FTX in November 2022, according to forensic firm Elliptic. The consequences of this theft could be enormous for both DMM Bitcoin and crypto investors industry.

What now?

This hack once again underlines the need for robust security measures for crypto exchanges and shows the importance of trust and transparency towards customers. The coming days will be crucial for DMM Bitcoin and we will closely monitor the market’s reaction to this development.

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