Crypto News Today- Private Key Hack Results in $305 Million Bitcoin Loss for Japanese Exchange, DMM

DMM, Japanese Exchange, Experiences $305 Million Bitcoin Loss Due to Private Key Hack

Crypto News– Crypto users began discussing the attack on the social media platform X at 10:14 PM UTC on May 30, prompted by a post from the analytics platform Whale Alert which stated, 4,502 #BTC (308,948,771 USD) transferred from unknown wallet to unknown new wallet. The post included a link to blockchain data showing the transfer of 4,502.9 BTC, valued at $305 million at the time, from a single wallet.

Initially, Whale Alert listed the wallet’s owner as unknown. However, DMM later confirmed on its website that it had lost exactly 4,502 BTC in the attack, suggesting it was likely the source of that particular transaction.

The exchange assured that it had already implemented measures to prevent further unauthorized access and pledged to compensate all affected users by acquiring an equivalent amount of BTC. This compensation will be facilitated with the support of the company’s group entities.

Users were advised to stay updated through notifications, with a new alert to be posted once all services resume.

DMM exchange, owned by the e-commerce conglomerate DMM Group, was launched in January 2018. The company also has ownership of a cryptocurrency mining firm.

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