DMM Bitcoin Hacked for $300 Million in Bitcoin

Lily Polanco Follow May 31, 2024 · 1 min read
DMM Bitcoin Hacked for $300 Million in Bitcoin
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In a shocking turn of events, the Japanese cryptocurrency exchange DMM Bitcoin has fallen victim to a devastating hack, resulting in the theft of a staggering 4,502.9 Bitcoin (BTC), valued at approximately $308 million (48.2 billion yen). As reported by Lawrence Abrams of BleepingComputer, this incident marks the largest cryptocurrency heist of 2024.

According to DMM Bitcoin, the unauthorized leak of Bitcoin was detected at around 1:26 p.m. on Friday, May 31, 2024. In response, the exchange has taken immediate measures to prevent further unauthorized access and has implemented restrictions on various services, including new account registrations, cryptocurrency withdrawals, spot trading, and leveraged trading.

While the exact details of the breach are still under investigation, similar past thefts have been carried out by gaining access to corporate systems or exploiting vulnerabilities in smart contracts or websites. Cryptocurrency intelligence firm Elliptic, which is tracking the stolen Bitcoin, has observed that the threat actors have already split the stolen funds into multiple new wallets, likely in an attempt to obfuscate their tracks and evade potential blocks by other crypto exchanges.

DMM Bitcoin has assured its customers that all Bitcoin (BTC) deposits will be fully guaranteed, as the company plans to replenish the equivalent amount through the help of its group companies. However, this incident serves as a stark reminder of the ongoing security challenges faced by the cryptocurrency industry and the need for robust security measures to protect against such devastating attacks.

As the investigation continues, the crypto community will be closely monitoring the developments and the potential impact on the broader digital asset landscape. This breach underscores the importance of maintaining vigilance and implementing comprehensive security protocols to safeguard against the ever-evolving threats in the rapidly evolving world of cryptocurrency.

Written by Lily Polanco Follow
Junior News Writer @