Cryptocurrency Exchange Who Stolen $320 Million Will Buy Bitcoin to Compensate!

The hacked cryptocurrency exchange will raise $320 million to buy Bitcoin.

DMM Bitcoin, the cryptocurrency exchange that was hacked in Japan, will purchase Bitcoin to compensate users for their losses.

The DMM Bitcoin attack was one of the largest dollar-denominated attacks on a cryptocurrency exchange. The largest attack in Japan was recorded in 2018, when $550 million worth of XEM was stolen from the Coincheck exchange.

Will buy thousands of Bitcoins

According to the statement made today, the company will minimize the market-related effects that may be experienced when purchasing Bitcoin.

DMM Bitcoin, which is affiliated with DMM.com, lost 4,502 Bitcoins during the attack on May 31. Bitcoin gained 4.5% in value over the last seven days, rising to $71,000, according to CoinGecko data.

The company apologized "deeply" to its users for the incidents and continues its investigations into the attack.

The Financial Services Authority in Japan requested a report from DMM Bitcoin on how the attack occurred and how users will be compensated for their losses.

Raising hundreds of millions of dollars

DMM Bitcoin recently borrowed $32 million to compensate customers for their losses. It is planned to raise capital worth $308 million on June 7, and use debt financing worth $12.8 million on January 10.

The stock exchange will provide financial support from DMM.com, the company to which it is affiliated.