Hacker Ransacks Japanese Exchange DMM For $305 Million

DMM Bitcoin, a Japanese cryptocurrency exchange, has suffered a hack worth more than $300 million.

Announced on May 31, DMM Bitcoin only revealed that its exploiter was able to make off with 4,502 BTC worth $305 million. The company has yet to disclose further details regarding the heist.

“At approximately 1:26 p.m. on Friday, May 31, 2024, we detected an unauthorized leak of Bitcoin (BTC) from our wallet,” said in astatement, according to Google Translate. “The details of the damage are still under investigation… We have implemented restrictions on the use of some services to ensure additional safety.”

The restrictions include screening new accounts, delaying the processing of withdrawals, suspending buy orders for spot transactions, and suspending new open positions for leveraged trading.

DMM Bitcoin has assured customers that it will guarantee the full amount lost.

The $305 million figure is among thelargest losses suffered by a centralized cryptocurrency exchange to date, according to Kaspersky, a cybersecurity firm. It lands second for the region, trailing fellow Japanese platform Coincheck, which lost $534 million in NEM in Jan. 2018.

First place for the largest loss of funds on a centralized exchange belongs to the infamousMt. Gox, which in its heyday hosted 70% of all BTC trade volume. In 2014, it suffered a colossal hack that saw attackers siphon away 744,000 BTC worth $450 million at the time.