OKX Hit by Crypto Theft Due to SMS Notification Security Fail

Hacked DMM Bitcoin Exchange Plans Massive BTC Purchase

Hacked DMM Bitcoin Exchange Plans Massive BTC Purchase

The recently discovered DMM Bitcoin indicates that the compromised Japanese cryptocurrency exchange intends to raise an incredible 50 billion yen ($320 million) to purchase Bitcoins. The goal of this action is to compensate all the clients who lost out in last week’s DMM Bitcoin hacking event.

DMM Bitcoin Arranges To Buy Bitcoin

DMM Bitcoin said in a statement earlier today, June 5, that it would take the necessary precautions to ensure the transaction is planned and prevent any impact on the Bitcoin market. In addition, the exchange mentioned that an investigation into the “unauthorized outflow” that occurred last week would be carried out.

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According to the information, 4,503 Bitcoins were removed from the exchanges, equivalent to $320 million at the current price of $70,879.

According to Chainalysis, a tool that tracks the flow of digital assets between blockchains, the most recent heist is the seventh-biggest cryptocurrency hack ever.

Japan’s Financial Services Agency has ordered DMM Bitcoin to thoroughly explain the breach’s beginnings and layout procedures for compensating impacted clients.

In addition, Finance Minister Shunichi Suzuki has reaffirmed the government’s commitment to implementing policies to prevent future security breaches in cryptocurrency exchanges.

Cybercriminals Rule Once More

Hacking events are still happening as the Bitcoin market grows in size and appeal. Japan has had several noteworthy hacking instances while being known as one of the countries most supportive of cryptocurrencies.

The most well-known happened in 2014 when the Mt. Gox exchange declared bankruptcy due to a theft that cost more than $470 million. Afterward, Coincheck, a different cryptocurrency exchange based in Japan, had a similar hack in 2018 and lost more than $500 million.

Over the past week, the Mt. Gox Rehabilitation Trustee has transferred an astounding $10 billion in Bitcoin and Bitcoin Cash while working on its reimbursement plans. Based on the earlier plans, Mt. Gox will complete its redistribution by around September 2024 to have no further impact on the price of Bitcoin.

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