tl;dr
DMM Bitcoin, a Japanese crypto exchange, suffered a $305 million hack resulting in the loss of 4,502.9 Bitcoin. The exchange has assured users that it will cover the full amount of the outflow and has temporarily restricted spot purchases while warning of potential delays in yen withdrawals. This in...
Bitcoin suffered a $305 million hack, resulting in the loss of 4,502.9 Bitcoin on the Japanese crypto exchange, DMM Bitcoin. Immediate security measures have been implemented to prevent further unauthorized transactions. The exchange has temporarily restricted spot purchases and warned of potential delays in Japanese yen withdrawals.
This is Japan's third major crypto exchange hack in 10 years, raising concerns about industry vulnerabilities. DMM Bitcoin has assured its users that it will cover the full amount of the outflow. The exchange's quick response and commitment to covering the losses demonstrate its dedication to maintaining customer trust and market stability despite ongoing industry vulnerabilities.
In a blog post, DMM Bitcoin disclosed the security breach and stated that immediate measures were implemented to prevent further unauthorized transactions. The exchange assured its users that it will procure the equivalent amount of BTC to guarantee the full amount of the outflow with the support of group companies.
Following the hack, DMM Bitcoin has temporarily restricted all spot purchases on its platform and warned of potential delays in Japanese yen withdrawals. This incident highlights the ongoing vulnerabilities within the crypto industry, even among prominent exchanges.
Mati Greenspan, Quantum Economic Founder & CEO, noted that this marks Japan's third major crypto exchange hack in 10 years. He highlighted that previous hacks effectively halted crypto adoption in Japan for quite a while, indicating that this incident could have a similar effect.