Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>DMM Bitcoin plans to cover losses from a $300 million theft with financial support from DMM Group.</li> 
 <li>The crypto exchange has outlined a funding schedule, aiming to raise a total of $352.4 million by June 10.</li> 
</ul>  
<p>Japanese cryptocurrency exchange, DMM Bitcoin, recently experienced a significant theft, losing over $300 million in Bitcoin. </p> 
<p>The exchange has now shared its strategy for covering these losses. </p> 
<h2 id="recovering-from-the-theft">Recovering from the Theft</h2> 
<p>The exchange confirmed that 4,502.9 <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> (equivalent to $306 million) were stolen in an unauthorized fund outflow. </p> 
<p>To reassure its users, DMM Bitcoin pledged to guarantee the full amount of their deposits by procuring an equivalent amount of Bitcoin. </p> 
<h2 id="funding-plan">Funding Plan</h2> 
<p>The exchange plans to secure funds with the assistance of its group company, DMM Group, a prominent electronic commerce and internet company. </p> 
<p>As of June 3, DMM Bitcoin had borrowed 5 billion yen ($32 million). </p> 
<p>They aim to increase their capital by 48 billion yen ($307.6 million) by June 7, and secure subordinated borrowing of 2 billion yen ($12.8 million) by June 10. </p> 
<p>This would total to $352.4 million, which will be used to procure the same amount of Bitcoin. </p> 
<p>The exchange has expressed its regret for the inconvenience and concern caused to its customers. </p> 
<p>Crypto forensics firm Elliptic has labeled this theft as the eighth largest crypto theft of all time, and the largest since a $477 million hack that affected FTX in November 2022. </p>

DMM Bitcoin Unveils Strategy to Recoup $300M Loss from Japanese Crypto Hack

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