DMM Bitcoin Pauses Crypto Withdrawals After $300M Exploit

Japanese exchange DMM Bitcoin falls victim to one of the biggest hacks of the year so far.

A hacker appearing out of a digital smoke background.
Created by Gabor Kovacs from DailyCoin
  • DMM Bitcoin has fallen victim to a hack.
  • BTC worth hundreds of millions have been “leaked.”
  • The crypto exchange paused some services following the incident.

Japanese cryptocurrency exchange DMM Bitcoin has reported a security incident that led to an “unauthorized leak of Bitcoin (BTC)” worth hundreds of millions of dollars from its wallet.

Acknowledging that it was still investigating the details of the “damage” in a May 31 report, the exchange said it had taken measures to prevent further unauthorized leaks and implemented restrictions on certain services to ensure additional safety.

Massive Bitcoin Outflows

Per the report, the maliciously leaked Bitcoin is worth over $300 million.  

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“It has been determined that the amount of Bitcoin (BTC) illegally leaked from our wallet is 4,502.9 BTC (about 48.2 billion yen),” the report read. “Please rest assured that all of your Bitcoin (BTC) deposits will be fully guaranteed, as we will procure the equivalent amount of BTC that was leaked with support from our group companies.”

Following the security incident, the exchange has restricted services such as screening new account openings and crypto withdrawals, as well as suspending buying orders for spot trading and new open positions for leveraged trading.

While active limit orders for spot trading and leveraged trading will not be canceled, the exchange cautioned that Japanese Yen withdrawals could take longer than usual.

The exchange promised to issue a separate notice regarding the resumption of services.

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Stay updated on the recent security incident on GALA token:
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Read about North Korea’s malware targeting crypto exchanges:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.