DMM Bitcoin Hacked: $473M Stolen, Japan's Largest Crypto Heist This Year
Japanese cryptocurrency exchange DMM Bitcoin has suffered a significant hack, with approximately 4,500 Bitcoins stolen. This incident has resulted in the largest Bitcoin hack so far this year, nearly doubling the cumulative damage from previous hacks estimated at 473 million dollars. The stolen Bitcoins are worth nearly 300 million euros, securing the DMM hack a ranking among the top 10 crypto hacks of all time, with Japan home to three of the top 10 exchange hacks.
DMM Bitcoin, a subsidiary of the large Japanese internet company DMM Group, has announced that trading on the platform is initially limited, and withdrawals of Japanese yen are delayed following the hack. The hacker is presumed to be initiating a money laundering process, involving numerous transactions over months. Despite the setback, DMM Bitcoin has assured users that the damage will be fully compensated from the funds of the DMM Group.
The DMM Bitcoin hack serves as a stark reminder of the security challenges faced by cryptocurrency exchanges. With the hack securing a place among the top 10 crypto hacks of all time, it underscores the need for robust security measures to protect users and their investments. While the full impact of the hack is still being assessed, DMM Bitcoin's commitment to compensate users from the DMM Group's funds is a positive step towards recovery.
