DMM Bitcoin

History

2024: Hacking the exchange. Stole $305 million

In early June 2024, the Bitcoin DMM, one of the largest, was hacked. cryptoexchanges Japan The incident led to the theft of 4502.9, bitcoin the estimated value of which exceeds $305 million. Unauthorized access revealed serious vulnerabilities in the security infrastructure of the exchange.

In an official statement, DMM Bitcoin announced that it has already taken measures to prevent further unauthorized access. In order to improve security, the crypto exchange temporarily suspended the opening of new accounts, the withdrawal of crypto assets and the acceptance of new orders for spot trading.

𝓲

Unsplash

The exchange temporarily restricted all spot purchases on the platform and noted that withdrawals in Japanese yen now "may take longer than usual." Japan's financial services agency has directed the company to investigate the incident and take action to protect customers from potential damage. In addition, the police launched their own investigation into the hacking of the crypto exchange.

DMM Bitcoin has assured its customers that it will fully compensate for the losses: "We ask you not to worry, the exchange will fully compensate for the damage caused by the hacker attack on your bitcoin deposits (BTC). We will pay customers an equivalent amount of cryptocurrency with the support of our group companies. "

The exchange also apologised to its customers for the inconvenience caused. DMM Bitcoin has promised to conduct a thorough investigation into the details of the hack and intends to provide updates as new data becomes available.

Hackers stole about $2 billion in cryptocurrency in 2023 in various cyber attacks and thefts, according to IT security company DeFi. While this figure reflects the substantial loss made to crypto exchanges, it is notable that this is the lowest annual figure since 2020.^[1]

Notes