Japanese cryptocurrency exchange, DMM Bitcoin, has confirmed a hack on May 31st, resulting in a loss of approximately 4,502.9 bitcoins, valued around $305 million. The exchange is currently investigating the breach and has implemented measures to prevent future attacks.

In response to the incident, DMM Bitcoin has halted all spot purchase transactions and warned users of potential delays in Japanese yen withdrawals. The company has pledged to fully reimburse customers for their lost Bitcoin deposits, planning to procure an equivalent amount of the lost BTC with the support of its group companies.

This incident follows a similar breach in 2020, where another Japanese cryptocurrency exchange, Coincheck, was hacked, compromising personal information and emails. Coincheck was also hacked in 2018, losing $533 million primarily in NEM tokens due to inadequate security measures.

Despite these setbacks, the resilience and adaptability of the crypto market remain strong, underscoring the importance of robust security measures in the rapidly evolving DeFi sector.