DMM Bitcoin Hacked: $300M Stolen in Japan's Largest 2022 Crypto Heist
A significant blow has struck the cryptocurrency world as DMM Bitcoin, a subsidiary of Japan's DMM Group, has fallen victim to the largest Bitcoin hack so far in 2022. The incident, which saw around 4,500 Bitcoins stolen, amounts to approximately $300 million.
DMM Bitcoin, established in early 2018, offers seven cryptocurrencies and 14 trading pairs, and is licensed by the Japanese financial regulator (FSA), ensuring a serious reputation. Despite its robust credentials, the exchange was targeted, adding to a worrying trend of Japanese internet companies being prominent in major Bitcoin hacks.
The hacker employed a systematic approach, dividing the stolen Bitcoins into portions of 500 BTC and transferring them to various addresses. This move suggests the initiation of a money laundering process. The hack, involving 4,500 Bitcoins, places it among the top 10 largest Bitcoin hacks of all time, with only the Mt. Gox hack in 2014 surpassing it among Japanese companies.
DMM Bitcoin has assured customers that the damage will be fully covered using DMM Group funds. However, trading has been limited, and Japanese Yen withdrawals delayed, indicating the gravity of the situation. This incident serves as a stark reminder of the ongoing security challenges faced by cryptocurrency exchanges worldwide.
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