Bitcoin

<ul><li>DMM Bitcoin to raise 50 billion yen ($321 million) to recover stolen funds.</li><li>The $320 million hack ranks as the 8th largest crypto theft.</li><li>Investigation into the hack is ongoing, with measures to prevent future incidents.</li></ul>DMM Bitcoin, a prominent Japanese cryptocurrency exchange, has <a href="https://bitcoin.dmm.com/news/20240605_01" rel="noopener noreferrer nofollow">revealed</a> plans to raise 50 billion yen ($321 million) to compensate users after a significant <a href="https://bitcoin.dmm.com/news/20240531_01" rel="noopener noreferrer nofollow">hack</a> resulted in the loss of approximately $320 million worth of Bitcoin. This incident, which occurred on May 31, 2024, is currently under investigation, with the exchange committed to minimizing the impact on the Bitcoin market during the recovery process.The Hack and Recovery EffortsThe hack, which saw 4,503 BTC stolen in an &#34;unauthorized outflow of funds,&#34; ranks as the eighth largest crypto theft in history, <a href="https://www.elliptic.co/blog/dmm-bitcoin-loses-308-million-in-unauthorized-leak" rel="noopener noreferrer nofollow">according</a> to crypto forensics firm Elliptic. The exchange has assured users that it will fully compensate the stolen funds by acquiring an equivalent amount of Bitcoin through a structured financial strategy supported by its parent company, DMM Group.Related: <a href="https://cryptotale.org/crypto-scammers-hacks-microsoft-indias-x-account-posting-fake-roaring-kitty-videos/" rel="noopener noreferrer nofollow">https://cryptotale.org/crypto-scammers-hacks-microsoft-indias-x-account-posting-fake-roaring-kitty-videos/</a>DMM Bitcoin has already procured 5 billion yen ($32 million) through borrowing on June 3 and plans to secure an additional 48 billion yen ($308 million) by June 7. Another 2 billion yen ($12.8 million) will be raised through subordinated debt financing on June 10. These measures aim to ensure the necessary funds to guarantee customers’ Bitcoin holdings and restore trust in the platform.<a href="https://cryptotale.org/dmm-bitcoin-plans-321m-recovery-after-major-hack/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

DMM Bitcoin Plans $321M Recovery After Major Hack

CryptoTale

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