DMM Bitcoin Hacked: 300M Euros Stolen, Japan's Biggest Crypto Heist of 2023
DMM Bitcoin, a licensed Japanese cryptocurrency exchange, has fallen victim to a major hack. Approximately 4,500 bitcoins, worth around 300 million euros, were stolen. This makes it the largest hack of 2023 so far, nearly doubling the total damage from hacks this year to 473 million dollars.
DMM Bitcoin, a subsidiary of the large Japanese internet company DMM Group, has temporarily limited trading and delayed Japanese yen withdrawals following the incident. The company has promised to fully cover the damage using funds from DMM Group. The hacker is suspected of initiating money laundering by dividing the stolen bitcoins into portions of 500 BTC and sending them to various addresses.
The DMM hack ranks among the top 10 crypto hacks of all time, with Japan being the home to three of the top 10 exchange hacks. Despite having a serious reputation, being a subsidiary of the well-established DMM Group, and obtaining a license from Japan's financial regulator (FSA), DMM Bitcoin has suffered this significant breach.
The DMM Bitcoin hack is a stark reminder of the ongoing security challenges faced by cryptocurrency exchanges. With the hacker likely engaging in money laundering, law enforcement agencies are now involved in tracking the stolen funds. DMM Bitcoin and its parent company, DMM Group, are working to resolve the issue and reassure customers.
