$BTC Japanese Crypto Exchange DMM Bitcoin Suffers $320M Hack

DMM Bitcoin, a Japanese crypto exchange, lost 50 billion yen ($320 million) worth of Bitcoin to a hack. A total of 4,503 Bitcoin were stolen, making this the seventh-largest crypto hack and the second largest in Japan.

DMM $BTC Bitcoin plans to raise funds to compensate users for their losses and to purchase an equivalent amount of Bitcoin to replace the stolen amount. The exchange has restricted all spot buys on the platform and warned customers of potential delays in Japanese yen withdrawals.

The Financial Services Agency has mandated DMM Bitcoin to provide a detailed account of the breach and outline compensation protocols for affected customers. This incident highlights the ongoing risks and challenges in the cryptocurrency industry, and the need for robust security measures to protect users' assets.#btc70k #DMMBitcoin