DMM Bitcoin Hacked: 300M Euro Theft in Japan's Biggest 2023 Crypto Heist
DMM Bitcoin, a licensed Japanese cryptocurrency exchange, has suffered a massive hack. The incident, dubbed the DMM hack, has resulted in the theft of 4,500 bitcoins, currently valued at approximately 300 million euros. This makes it the largest hack of 2023 so far, nearly doubling the total damage from hacks to 773 million dollars.
DMM Bitcoin, a subsidiary of the major e-commerce and entertainment company DMM Group, is one of the few exchanges licensed by the Japanese financial regulator (FSA). The hack is the largest of 2023 and ranks among the top 10 crypto hacks of all time. Japan, unfortunately, is home to three of the top 10 exchange hacks.
DMM Group has promised to fully cover the damage using its own funds. Trading on DMM Bitcoin has been temporarily limited, and Japanese yen withdrawals have been delayed. The hacker is suspected of initiating a money laundering operation, involving numerous transactions and a waiting period of several months before the stolen bitcoins re-enter the market.
The DMM hack is a significant blow to the cryptocurrency industry, both in Japan and globally. DMM Group's commitment to covering the losses is a reassuring step, but the incident serves as a reminder of the ongoing security challenges faced by cryptocurrency exchanges. The investigation into the hack is ongoing, with authorities working to trace the stolen bitcoins and apprehend the culprit.
