Japanese crypto exchange raises $320M to recover funds after major hack
Japanese crypto exchange DMM $BTC Bitcoin has been hacked for $320 million worth of Bitcoin ¹ ². The company plans to raise 50 billion yen ($320 million) to compensate users for their losses ¹ ². DMM Bitcoin will recover stolen customer funds by procuring an equivalent amount of Bitcoin (BTC) from its parent company, (link unavailable) ¹ ². The company borrowed five billion yen ($32 million) on June 3 to finance the compensation, and an additional capital increase of 48 billion yen ($308 million) is scheduled for June 7
A Japanese cryptocurrency exchange, DMM Bitcoin, experienced a significant hack resulting in the theft of $320 million worth of Bitcoin. To recover the lost funds and compensate affected users, the exchange is raising $320 million. Here's a breakdown of the plan:
1. The exchange's parent company will provide the necessary funds to compensate users.
2. DMM Bitcoin has already borrowed $32 million (5 billion yen) to initiate the compensation process.
3. An additional $308 million (48 billion yen) will be raised through a capital increase, scheduled for June 7.
By raising these funds, DMM Bitcoin aims to restore the stolen Bitcoin and ensure that users' assets are fully compensated. This move demonstrates the exchange's commitment to prioritizing user assets and reputation.
