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Massive Bitcoin Heist: Japanese Exchange DMM Loses $305 Million

SSK

1 Jun, 2024

Massive Bitcoin Heist Japanese Exchange DMM Loses $305 Million

Japanese crypto exchange DMM Bitcoin has announced that it will be hacked 48 billion yen ($305 million) worth of bitcoin (BTC) was leaked. 4,502.9 BTC simply 'leaked' out of the exchange, not due to hacking, DMM Bitcoin explained on its website blog post. Steps have been taken to prevent additional unauthorized outflows.

According to cyber security firm Blocksec, the hacker spread the pilfered bitcoin out over 10 wallets in 500 BTC blocks each time. DMM Bitcoin said: "We will respond to this with the support of the Group companies so that it can deliver it all.""

Nova Exchange, meanwhile, has disabled all spot buying on the platform and warned that Japanese yen withdrawals “could take longer than usual”.

The greatest theft in Japan since Tokyo-based bourse Coincheck was hack for 58 billion yen ($534.2 million) in 2014, which lost more than $473 million to cryptocurrency hacks in 2024 prior to now this most recent theft.

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