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Japanese exchange DMM Bitcoin hit with $300 million hack

DMM Bitcoin enforces service restrictions following a substantial security breach.

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Japanese crypto exchange DMM Bitcoin has been hit by a security breach resulting in a loss of 4.502,9 Bitcoins (BTC), as reported by Nikkei and Yahoo Japan. The amount is equivalent to 48.2 billion yen, over $303 million. The exchange shared that will fully reimburse affected customers, drawing on resources from its group companies.

Additionally, DMM has temporarily halted certain operations, including new account reviews and spot trading buy orders, to mitigate further risks.

The DMM Group is composed of different subsidiaries that provide over 40 different services, including video streaming, FX, English conversation schools, games, solar energy, and 3D printers. Their entertainment hub website has over 29 million members, according to the company.

This incident marks one of Japan’s most substantial illicit crypto outflows since the 58 billion yen loss at Coincheck in 2018.

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