Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack

DMM Bitcoin, a Japanese cryptocurrency exchange, announced a significant security breach resulting in the theft of 4,502.9 BTC, equivalent to $305 million. This incident marks a substantial loss for the exchange, which has implemented measures to prevent further unauthorized outflows.

In a blog post, DMM Bitcoin confirmed the hack and reassured users that it will guarantee the full amount stolen with the support of group companies. The exchange has temporarily restricted all spot buys and warned that withdrawals of Japanese yen may experience delays.

Data from the security firm Blocksec revealed that the hacker split the stolen bitcoin into 10 wallets, each holding 500 BTC. DMM Bitcoin stated, “Please be assured that we will procure the equivalent amount of BTC equivalent to the outflow with the support of the group companies and guarantee the full amount.”

Prior to this theft, over $473 million had already been lost to cryptocurrency hacks in 2024. This hack is the second largest in Japan’s history, following the 2018 Coincheck hack where 58 billion yen was stolen.

DMM Bitcoin has taken swift action to address the breach and mitigate further risks, while the incident underscores the ongoing security challenges faced by cryptocurrency exchanges globally.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.