DMM Bitcoin Faces Massive Hack, Loses $305 Million in Bitcoin

Japanese cryptocurrency trading platform DMM Bitcoin suffered a major hack, losing approximately $305 million worth of Bitcoin on May 31st.

The exchange confirmed the attack, disclosing that 4,502.9 bitcoins were drained from its systems. Despite acknowledging the breach, the exchange hasn’t provided further details but assured users of an ongoing investigation and implementation of preventive measures.

DMM Bitcoin Implements Security Measures

DMM Bitcoin announced proactive measures to prevent unauthorized outflows of cryptocurrency. The company assured users through its official statement on the exchange’s website.

To reassure affected users, the exchange pledged to cover all Bitcoin deposits and acquire an equivalent amount of lost BTC with the support of its group companies.

The company affirmed its commitment to procuring the equivalent BTC amount lost in the hack and ensuring full reimbursement to users.

The exchange imposed restrictions, halting spot purchase transactions, and warned users of potential delays in yen withdrawals compared to normal processing times.