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June Arrived with Millions in Losses for DMM Bitcoin; Here’s Why

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Another day and another hack, and this time, the Japanese cryptocurrency exchange DMM Bitcoin was the target. On May 31, 2024, at 1:26 p.m. Tokyo time, an unauthorized leak of Bitcoin (BTC) was recorded from a DMM Bitcoin wallet. It resulted in a theft of 4,502.9 BTC (48 Billion Yen).   

DMM Bitcoin Got Trapped in $300 Million BTC Hack

The renowned Japanese crypto exchange with around 370,000 customer accounts underwent a hack and lost $300 Million in BTC. The unauthorized leak took place not only from a hot wallet but also from a cold wallet.   

The BTC price, when writing, hovered at $67,577.71 after a 1.07% intraday drop. Its market cap was $1,331,676,197,827 at the time of writing, and $26,210,824,733 Bitcoins were traded in the past 24-hour volume.     

Wu Blockchain shared the theft news on X (Twitter) and DMM Bitcoin’s future steps to compensate customers. 

 

If confirmed, the hack would rank among a few of history’s biggest crypto exchange hacks. Coincheck’s $534 Million hack, Upbit’s $45 Million hack, and KuCoin’s $204 Million theft are a few of the major breaches in crypto history.     

To handle the situation effectively, DMM Bitcoin suspended most of its services, including new accounting openings, withdrawal processes, buying orders for spot trading, and leveraged trading.   

What About Users’ Funds?

The hack news increased customers’ worries about investment and funds over the particular exchange. 

The crypto exchange responded to the theft and suspected damage to customers’ funds. However, the exchange assured that all the deposited BTC coins would be returned to the holders.  

DMM Bitcoin would take support from the group companies to procure the equivalent amount of BTC and compensate the customers. Moreover, Japanese law specifies that assets held by individuals and exchanges must be managed separately. 

Lookonchain also shared the hack news on X, specifying the 10 addresses involved in the hack. 

Per the tweet, the illicit act transferred over 500 BTC to over 9 addresses and approximately 2.89 BTC to the remaining address. 

Japan’s Standing in Crypto Market 

Japan holds a strong position in the crypto space amid the rising tech-savvy culture, technology advancement, and favorable regulatory environment. According to IMARC Group, a leading market research company, Japan’s cryptocurrency market is predicted to hit a CAGR of 53.96% between 2024-2032.  

DMM Bitcoin

Japan’s Blockchain Services sales value I Source: Statista 

Furthermore, the Sales value of blockchain-utilized services in Japan in 2023 was recorded at 266.7 Billion Yen. Experts project it to touch 724.76 Billion yen by 2025 end. In the same way, Japan’s crypto market revenue is forecasted to hit $2,160 Million in 2025.

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