Japanese Crypto Exchange DMM Bitcoin Loses $300M in Major Security Breach

On June 1, Japanese cryptocurrency exchange DMM Bitcoin reported a significant security breach, resulting in the loss of Bitcoin valued at approximately $300 million. The incident was described as an unauthorized leak from its digital wallet.

In a statement released by the company, DMM Bitcoin indicated that they detected the unauthorized activity at around 13:26 (0426 GMT) on Friday. We are still investigating details of the damages, the statement read. This ongoing investigation aims to uncover the specifics and scope of the breach.

In response to the incident, DMM Bitcoin assured users that measures to prevent further unauthorized access had already been implemented. Additionally, the company has imposed restrictions on the use of certain services to enhance security and protect users.

While the exact nature of the leak was not disclosed by DMM Bitcoin, global cryptocurrency analysis firm Chainalysis identified this breach as one of the largest crypto hacks to date. The firm’s analysis underscores the severity of the incident within the broader context of cryptocurrency security breaches.