DMM Bitcoin Exchange Loses 48 Billion Yen ($305 Million) in Hack

May 31, 2024, 01:30 PM

Japan-based cryptocurrency exchange DMM Bitcoin has experienced a significant security breach, resulting in the loss of 48 billion yen ($305 million) worth of Bitcoin. The incident, reported by Nikkei and CoinPost, suggests that the exchange was hacked, leading to the improper outflow of funds. DMM Bitcoin, a subsidiary of Japanese securities company DMM, has announced that it will purchase Bitcoin equivalent to the lost amount to guarantee customer assets. The exchange is currently under investigation, and more details are expected to emerge as regulatory bodies scrutinize the incident. The incident has been covered by Asia-focused media outlet, Nikkei.