DMM Bitcoin Falls Victim to Massive Crypto Hack, Losing Over $300M

In a major blow to the cryptocurrency industry, Japanese exchange DMM Bitcoin announced on Friday that it had fallen victim to a terrible crypto hack after hackers breached its security and stole a staggering 4,502.9 bitcoins, worth approximately $306 million at current prices. This marks the eighth largest crypto theft of all time and the biggest hack since $477 million was stolen from FTX in November 2022.

According to a statement posted on DMM Bitcoin’s website, the unauthorized Bitcoin leak from their wallet was detected around 1:26 pm local time on May 31st. The company, a subsidiary of DMM Group, reassured clients that all bitcoin deposits will be fully guaranteed, as they plan to procure an equivalent amount of BTC to cover the losses with support from their group companies.

Crypto Hacks, Scams, and Exploits Balloon to $80 Billion

The DMM Bitcoin incident adds to the $80 billion in total losses the crypto industry has suffered to date from exploits, hacks, and scams. Data from the REKT Database reveals that only around 7%, or $6.7 billion, of stolen crypto has been recovered so far.

The DMM Bitcoin hack follows a string of other major losses in the crypto space during May 2024. Projects like Gala Games, Sonne Finance, and Alex Lab collectively lost tens of millions, contributing to the $42.6 million in total confirmed losses for the month, a slight increase from April’s $41.6 million.

#CertiKStatsAlert 🚨

Combining all the incidents in May we’ve confirmed ~$42.6m lost to exploits, hacks and scams after $96.2m was returned.

The losses are ~$1m above April’s low of ~$41.6m.

Exit scams: ~$1.8m
Flash loans: ~$20.7m
Exploits: ~$19.7m

More details below pic.twitter.com/lc77OcrmcZ

— CertiK Alert (@CertiKAlert) May 31, 2024

These ongoing security challenges underscore the critical importance of robust risk management practices for both investors and crypto platforms.

Despite the DMM Bitcoin breach and other May incidents, the overall crypto market remained relatively stable. Top currencies like Bitcoin, Ethereum, Solana, and Binance Coin even saw price surges ranging from 6% to 32% during the month.

Final Word: DMM Bitcoin Crypto Hack

As the investigation into the DMM Bitcoin hack unfolds, the exchange is working to bolster its security measures and mitigate any further risks. Authorities and cryptoforensic experts are likely to scrutinize the attack to identify the perpetrators and potentially recover some of the stolen funds.

This latest crypto hack serves as a stark reminder of the ever-present dangers in the rapidly evolving cryptocurrency landscape.

While the industry continues to mature and implement stronger safeguards, investors must remain vigilant and prioritize security when engaging with crypto platforms. Only by working together can the community hope to thwart bad actors and build a safer, more resilient future for digital assets.

Want reliable crypto signals to capitalize on market swings? Join us on Telegram.

 

Interested In Getting The “Learn2Trade Experience?”Join Us Here