Topic: Crypto exchange DMM Bitcoin Suffers $305M Hack (Read 158 times)

Japanese cryptocurrency exchange DMM Bitcoin is reportedly prepping to liquidate after losing $320 million in Bitcoin from a private key hack in May that the company has failed to recover from.

The crypto exchange is also reportedly ceasing efforts to revamp operations and intends to transfer customer assets to SBI VC Trade, an exchange operator under SBI Group, around March, reported Nikkei Asia on Dec. 2, without sharing its source.

Come to think of it, perhaps it is it true then it make full circle as the US and his allies imposed embargo on North Korea.

And now, stealing crypto and other cyber crimes is the only way for them to get over and circumvent this as they don't have any means to raise money.

It's interesting how all investigations carried out by three-letter US agencies always uncover scams and fraud originating from North Korea, China, Iran, Russia, and a few other places. Seems like the list of places where the American eagle can spread its democracy is quite narrow. We only have law abiding citizens everywhere else and no powerful entities with any ulterior motives.

How much money people need to lose to finally learn not to keep coins on centralized exchanges?  

For those who never heard of the exchange before, it's a Japanese one. The exchange suffered a 305M loss (all in bitcoin)[1] and said they guarantee to compensate all of their users. The article mentions the link to official blog post but it's leading nowhere for me.

Crypto exchange DMM Bitcoin Suffers $305M Hack

DMM exchange company also promised that all customer Bitcoin deposits will be fully secured as it will get an amount of BTC equivalent to that which was leaked with the support of the company group.

At approximately 13:26 on Friday, May 31, 2024, we detected an unauthorized leak of Bitcoin (BTC) from our wallet.

The details of the damage are still under investigation, but the following is what has been identified at this stage. In addition, although we have already taken measures to prevent the unauthorized leak, we have restricted the use of some services to ensure additional safety.

We deeply apologize for any inconvenience this may cause our customers.

■About the status of cryptocurrency leaks

It has been determined that the amount of Bitcoin (BTC) illegally leaked from our wallet is 4,502.9 BTC (equivalent to approximately 48.2 billion yen).

■About customer's deposited Bitcoin (BTC)

Please rest assured that we will procure the equivalent amount of BTC leaked with support from our group companies and guarantee the full amount of the entire amount of Bitcoin (BTC) deposited by our customers.

■About service usage restrictions

We have restricted the use of the following services.

・Review of new account opening
・Cryptocurrency withdrawal process
・Stop buying orders for spot trading (only selling orders accepted)
・Stop new open positions for leveraged trading (only settlement orders accepted)

*Limit orders for spot trading and leveraged trading that have already been placed will not be canceled.
*Withdrawals of Japanese yen may take longer than usual.

We will notify you separately when services will resume.

We deeply apologize for the inconvenience and concern this situation has caused our customers.

[Contact information for this matter]

・Customer support page
DMM Bitcoin Co., Ltd.: https://bitcoin.dmm.com/support

・Public relations office
E-MAIL: [email protected]

The article mentions the link to official blog post but it's leading nowhere for me.