$BNB Exchange DMM loses USD 305M in Bitcoin due to private key hack
The cryptocurrency exchange lost 4,502.9 BTC due to its private key being hacked; Withdrawals have been temporarily suspended.
Centralized cryptocurrency exchange DMM has lost more than $305 million worth of BitcoinÂ
 due to the hacking of their servers on May 30. The exchange confirmed the hack on its website and stated that all user deposits "will be fully guaranteed."
The exchange has temporarily stopped withdrawals, new account openings, new spot purchase orders, and all new leveraged orders. However, limit orders that have already been placed will not be cancelled.
Cryptocurrency users began discussing the attack on social media platform to a new unknown wallet. The post linked to blockchain data showing an outflow of 4,502.9 BTC, worth $305 million at current prices, from a single wallet.
At the time, Whale Alert listed the wallet's owner as "unknown." However, DMM later confirmed on its website that it lost exactly 4,502 BTC in an attack, implying that it was likely the cause of that particular transaction.
The exchange said it "has already taken measures to prevent unauthorized leakage." It will seek âthe equivalent amount of BTCâ to ensure that all users are compensated. These funds will be acquired "with the support of our group companies."
The team encouraged users to keep an eye on the advisories as a new alert will be posted once all services resume.
DMM exchange is owned by e-commerce conglomerate DMM Group. It was launched in January 2018. The company also owns a cryptocurrency mining firm.
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