Cryptocurrency Exchange DMM Bitcoin Reports Massive Fund Breach
Cryptocurrency exchange DMM Bitcoin has reported a massive fund breach: unknown individuals have stolen 4502.9 bitcoins from the platform. This is one of the largest thefts in the history of Japanese cryptocurrency exchanges, second only to the 2018 incident when NEM cryptocurrencies worth 58 billion yen (370 million US dollars) were stolen from Coincheck.
Response to the Incident
In response to the incident, DMM Bitcoin has restricted withdrawals in yen and warned users that restoring full functionality may take longer than expected. The exchange has also promised to compensate affected users for their losses.
About DMM Bitcoin
DMM Bitcoin is a part of the DMM Group of companies, which is involved in e-commerce, gaming, streaming platforms, and internet provision services in Japan and abroad.
Cryptocurrency Security Concerns
According to the analytics company Immunefi, in May 2024, cryptocurrency projects lost 52 million dollars due to hacks and fraud, which is 12% less compared to the same period last year. This incident underscores the ongoing threat to cryptocurrency platforms and the need to strengthen security measures.
