DMM Bitcoin has reassured its clientele that their Bitcoin deposits are under full guarantee, with the support of its affiliated companies. The price of BTC has experienced a 2% drop, reaching $67,500.
Today, DMM Bitcoin, a Japanese cryptocurrency exchange, disclosed a loss exceeding $300 million in Bitcoin due to what it termed "an unauthorized breach" from its digital wallet. This development occurs amidst ongoing efforts by Mt. Gox, another defunct Japanese exchange, to devise repayment strategies.
Details regarding the breach remain undisclosed by DMM Bitcoin. Nonetheless, Chainalysis, a global cryptocurrency analysis firm, has identified it as one of the most substantial breaches in the crypto sphere to date.
In a social media update, Chainalysis declared, "The recent breach at DMM Bitcoin, involving $305 million worth of Bitcoin, ranks as the largest breach since December 2022 and the 7th largest in crypto history." The firm has labeled the funds associated with the incident as "stolen."
The company has affirmed that all Bitcoin (BTC) deposits from its customers are fully secured, with support from its group entities. Subsequent to the breach, Japan's Financial Services Agency has directed the company to investigate the root cause of the breach and implement measures to protect customers from potential losses. Concurrently, law enforcement agencies have launched an inquiry into the matter, as reported by the business daily Nikkei.
Despite its reputation as one of the most crypto-friendly nations, Japan has encountered a series of hacks, notably the Mt. Gox exchange's bankruptcy in 2014 following a theft of over $470 million. In 2018, another Japanese exchange, Coincheck, suffered a similar fate, losing more than $500 million.
