Unauthorized Access Incident
On May 31, DMM Bitcoin, a major Japanese crypto exchange, detected a hack resulting in the theft of 4,502.9 BTC (worth $305 million).
Services Suspended
To protect customer assets, DMM Bitcoin has temporarily suspended:
- New account openings
- Cryptocurrency withdrawals
- Spot trading buy orders
- New leveraged trading positions
Customer Reassurance
DMM Bitcoin has promised to cover the losses and guarantee the full value of customer BTC holdings. Japanese law separates exchange assets from customer assets, providing additional protection.
Security Precautions
DMM Bitcoin has implemented security measures such as:
- Segregating customer and exchange funds
- Using cold wallets for 95% of customer funds
- Conducting daily audits
Lessons from Coincheck
The hack echoes the 2018 Coincheck hack, leading to stricter regulations and increased focus on security in the crypto exchange industry.
Current Market Conditions
At the time of writing, BTC is trading at $67,400, down 1.5% in the past 24 hours.
