Japanese crypto exchange suffers Bitcoin theft worth $305 million
What's the story
Japanese cryptocurrency exchange platform, DMM Bitcoin, has confirmed a significant cyber theft. In its blog post on Friday, the company said it detected "an unauthorized leak of Bitcoin (BTC) from our wallet," which resulted in the loss of 4,502.9 Bitcoin, approximately worth $305 million. According to crypto security firm Elliptic, this incident is the eighth-largest cryptocurrency theft in history.
Response
Action following cyber theft
In response to the breach, DMM Bitcoin has initiated an investigation and implemented measures to prevent further thefts. The company also "implemented restrictions on the use of some services to ensure additional safety," according to a machine translation of their official blog post in Japanese. Despite the significant loss, DMM Bitcoin reassures its customers that all Bitcoin deposits will be fully guaranteed.
Assurance
Pledge to reimburse stolen funds
DMM Bitcoin has pledged to its customers that it will "procure the equivalent amount of BTC that was leaked with support from our group companies." This move is aimed at reassuring its users and maintaining trust in the platform. However, DMM Bitcoin did not immediately respond to requests for further comment on the matter, according to TechCrunch.