2024

Bitcoin

Security

Billion

Today, DMM Bitcoin, a prominent cryptocurrency exchange, faced a security breach. This incident led to the unauthorized leak of 4,502.9 BTC, valued at about 48.2 billion yen. The breach has stirred unrest within the cryptocurrency community and among investors. 
Immediate Actions and Operational Suspensions 
DMM Bitcoin promptly <a href="https://bitcoin.dmm.com/news/20240531_01" target="_blank" rel="noreferrer noopener nofollow">responded</a> by halting several of its services. These include the screening for new account openings, the process of cryptocurrency withdrawals, and the initiation of new orders for leveraged trading. For spot trading, they now only accept selling orders, emphasizing a move to stabilize the situation swiftly.&nbsp; 
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 According to CoinPost, DMMBitcoin, a cryptocurrency exchange under Japanese securities company DMM, was suspected of being hacked, and $300 million worth of Bitcoin may have been stolen. DMMBitcoin said it would purchase Bitcoin equivalent to the outflow amount and guarantee the…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1796536129317200200?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 31, 2024</a>
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Additionally, DMM Bitcoin reassured customers by confirming the full guarantee of Bitcoin deposits, pledging to procure the equivalent amount of BTC leaked, supported by their group companies. 
Assurance and Past Precedents 
DMM Bitcoin has also highlighted its compliance with Japanese law, which requires separate management of company and customer assets. The exchange practices rigorous security measures, including the use of cold wallets for over 95% of customer assets.&nbsp; 
Despite these precautions, the recent incident indicates a potential compromise of hot and cold storage systems. This event echoes the January 2018 incident where Coincheck lost NEM tokens worth 58 billion yen, leading to increased scrutiny and regulatory enhancements by the Financial Services Agency. 
As DMM Bitcoin navigates this crisis, the broader implications for the cryptocurrency industry remain under close watch. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/31/indian-police-officer-arrested-in-216000-bitcoin-scam-case/" target="_blank" rel="noreferrer noopener">Indian Police Officer Arrested in $216,000 Bitcoin Scam Case</a> 
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DMM Bitcoin Suffers Major Security Breach, 48 Billion Yen Lost

The Crypto Times

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