As an experienced analyst in the cryptocurrency industry, I find today’s news of DMM Bitcoin’s significant loss of over $300 million worth of Bitcoin in an “unauthorized leak” quite concerning. Having closely followed the space for several years, I am all too familiar with the risks involved and the potential for large-scale breaches.
As a crypto investor, I’ve just learned that DMM Bitcoin, a Japanese exchange, announced today a significant loss of approximately $300 million in Bitcoin due to an unauthorized leak from their digital wallet. This unfortunate event unfolds as another defunct Japanese exchange, Mt. Gox, continues its efforts to settle repayment plans.
DMM Bitcoin Exchanges Loses 4,502.9 BTCs
As a cryptocurrency analyst, I’ve noticed that DMM Bitcoin, a well-known digital asset platform, has remained tight-lipped about the details surrounding the recent “leak” incident. Nevertheless, according to my research and analysis from Chainalysis – a renowned global firm specializing in cryptocurrency investigation – this breach is considered one of the most substantial crypto incidents that have occurred so far.
In a recent social media update, Chainalysis reported that the hack on Japanese cryptocurrency exchange DMM Bitcoin, resulting in the theft of approximately $305 million in bitcoin, represents the largest security breach since late 2022 and is ranked as the seventh most significant crypto heist ever recorded. The implicated funds have been identified and labeled as “stolen” by Chainalysis.
Based on DMM Bitcoin’s report, the stolen funds were estimated to be around ¥48.2 billion or roughly 4,502.9 Bitcoins. According to their announcement.
“The investigation is ongoing regarding the extent of the damage. We’ve already taken steps to stop any unauthorized leaks and have added extra security measures by limiting access to certain services to maintain safety.”
Customer Deposits Are In Tact
The company guaranteed that every Bitcoin (BTC) deposit made by its clients would be securely protected, ensured through support from its affiliated organizations.
After the occurrence, Japan’s Financial Services Agency has directed the company to carry out a thorough investigation into the cause of the incident and implement protective measures for their customers to prevent any future financial losses. Simultaneously, law enforcement agencies have launched an investigation into the matter, according to the Nikkei business newspaper report.
Japan, known for its welcoming stance towards cryptocurrencies, has unfortunately experienced significant setbacks due to high-profile hacks. The most notable incidents occurred with Mt. Gox in 2014 and Coincheck in 2018, resulting in losses exceeding $470 million and $500 million respectively, following thefts of these exchanges’ digital assets.
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2024-06-01 09:43