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DMM Bitcoin Hit by Major Hack, Loses $305 Million in Bitcoin

DMM Bitcoin Hit by Major Hack, Loses $305 Million in Bitcoin

May 31, 2024

DMM Bitcoin Hit by Major Hack, Loses $305 Million in Bitcoin

The Japanese cryptocurrency exchange DMM Bitcoin has reported a substantial loss of funds due to a hack. On May 31, 2024, the exchange detected an "unauthorized leak" of Bitcoin (BTC) from its wallet, leading to a theft of 4,502.9 BTC, the equivalent of approximately 48 billion yen or $305 million.

According to a blog post by DMM Bitcoin, the company has claimed its customers that lost Bitcoin will be "fully guaranteed." The exchange has committed to securing the equivalent amount of BTC that was stolen, with support from its group companies. While the investigation into the details of the hack is ongoing, DMM Bitcoin has already implemented measures to prevent further unauthorized outflows and has restricted several services as an additional security precaution.

In response to the incident, DMM Bitcoin has temporarily halted several operations including the processing of Bitcoin withdrawals and spot market purchase orders, as well as the opening of new leveraged trading positions. New account openings are also subject to "screening." Customers have been informed that withdrawals in Japanese yen may experience delays.

The exchange has not provided a timeline for when procurements will occur or when services will resume, but it has stated that more information will be released in a separate announcement. As of the end of 2023, DMM Bitcoin reportedly had around 370,000 customer accounts, according to a report by Japanese news service Nikkei.

If confirmed, the theft would rank as one of the largest-ever attacks on a Bitcoin exchange. The incident draws parallels to previous significant hacks in the region, such as the 2018 Coincheck theft of 58 billion yen, and the infamous collapse of Mt. Gox in 2014, which resulted in losses of more than $400 million at the time.

CoinDesk Article

DMM Bitcoin Blog Post


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