Japanese cryptocurrency exchange DMM Bitcoin announced that approximately $300 million worth of Bitcoin has been stolen from its primary wallet. This incident marks one of the largest hacks in the digital asset industry in recent years.
On Friday around 1:30 PM local time, DMM Bitcoin detected an “illegal leak” of some 4,503 BTC, valued at about $308 million at the time. The specifics of how the hack occurred have not yet been disclosed as the company is still investigating the security breach. In response, DMM has implemented measures to enhance its security protocols to prevent future attacks.
The company has, however, committed to guaranteeing all customer BTC deposits post-exploit. Meanwhile, it has temporarily halted certain operations including the placement of new orders for spot trading, the opening of new leveraged trading positions, and the screening of new account openings.
Additionally, DMM Bitcoin has paused all crypto withdrawals to contain the situation, although withdrawals in Japanese Yen are still operational but might face delays.
This hack is significant not only due to its size but also because it is the most substantial exploit the cryptocurrency industry has encountered recently. No other hack in 2023 or earlier this year has matched this scale. In comparison, 2022 witnessed several major security breaches across various platforms, including a monumental $566 million theft from the BNB Chain.
This incident is now recorded as the second-largest crypto hack in Japan, following the infamous 2018 Coincheck breach where hackers stole over $550 million worth of XEM cryptocurrency.
The DMM Bitcoin heist underscores the persistent vulnerabilities in the crypto industry and highlights the urgent need for enhanced security measures across exchanges to protect investor assets and maintain trust in this evolving digital economy.
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