The breach targeting Japanese exchange DMM Bitcoin stands out as one of the most significant incidents to impact the cryptocurrency industry in recent years.
On Friday, Japanese crypto exchange DMM Bitcoin disclosed the theft of over $300 million worth of Bitcoin from its primary wallet, marking one of the largest hacks in the digital asset industry in years.
Around 1:30 pm local time, the company noted that roughly 4,503 BTC, equivalent to about $308 million at that moment, had been “illegally leaked” from its wallet. Although DMM has not offered in-depth details on the method used in the apparent breach, it has confirmed that an investigation is in progress and preventive measures have been enacted to prevent similar attacks in the future.
Despite the breach, the company asserts its commitment to ensuring the security of all customer BTC deposits. However, as a precautionary measure, it has suspended spot trading purchase orders, leveraged trading position openings, and the screening of new account registrations.
Moreover, DMM has temporarily halted the processing of cryptocurrency withdrawals. Withdrawals in Japanese Yen remain permissible but may experience delays.
This hack represents the most significant crypto-related breach witnessed by the industry in recent memory. No other breach in the current year or in 2023 has approached its magnitude.
