DMM Bitcoin, the largest crypto exchange in Japan, has announced its intention to raise 50 billion Yen to purchase Bitcoin. This move comes after the platform suffered a security breach, resulting in the loss of 4,502.9 BTC, equivalent to around $300 million. In response, DMM Bitcoin temporarily halted spot exchanges and initiated a thorough investigation.
The hacker responsible for the breach transferred the stolen Bitcoin to ten different wallet addresses, as reported by Lookonchain. In an effort to compensate for customer losses, the exchange platform plans to use the 50 billion Yen purchase of Bitcoin, valued at $321 million, to reimburse affected customers. The exchange expressed its apologies for the incident and assured customers that it would make things right.
This security breach ranks as the seventh largest crypto hack in history, resulting in significant losses of BTC. The Financial Services Agency of Japan has instructed DMM Bitcoin to conduct a detailed investigation into the breach. This incident reflects a growing trend of crypto-related crimes, such as counterfeit bank notes, as reported by Hong Kong police. In recent months, there have been numerous arrests of individuals involved in regulatory concerns and money laundering.
Meanwhile, the price of Bitcoin has experienced an upward movement in the past 24 hours, currently trading at $70,954. This increase exacerbates DMM Bitcoin’s losses, which now total $319 million.
In other crypto news, the FDIC has revealed that 63 US banks are at risk of insolvency, with unrealized losses totaling $517 billion.
