Japanese Crypto Exchange DMM Bitcoin Suffers $305M Hack

Measures have been taken to prevent further unauthorized outflows, the exchange said.

AccessTimeIconMay 31, 2024 at 1:40 p.m. UTC
Updated May 31, 2024 at 4:25 p.m. UTC
  • 4,502.9 BTC ($305 million) was stolen from the exchange.
  • DMM Bitcoin said it will guarantee the full amount stolen.
  • All spot buys have been temporarily restricted and customers withdrawing yen may face delays.
  • Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report
    00:56
    Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report
  • Running With Crypto: 5 Questions With TRM Labs' Ari Redbord
    00:59
    Running With Crypto: 5 Questions With TRM Labs' Ari Redbord
  • Hacks Involving North Korea Are 'Even Greater Problem': Legal Experts
    09:43
    Hacks Involving North Korea Are 'Even Greater Problem': Legal Experts
  • Breaking Down the State of Hacking in 2024
    02:01
    Breaking Down the State of Hacking in 2024
  • DMM Bitcoin, a Japanese cryptocurrency exchange, said it lost 48 billion yen ($305 million) of bitcoin (BTC) following a hack.

    In a blog post on its website, DMM Bitcoin said 4,502.9 BTC "leaked" out of the exchange. Measures have been taken to avoid further unauthorized outflows.

    Data provided by security firm Blocksec shows that the hacker divided up the stolen bitcoin across 10 wallets in batches of 500 BTC.

    "Please be assured that we will procure the equivalent amount of BTC equivalent to the outflow with the support of the group companies and guarantee the full amount," DMM Bitcoin said.

    The exchange has restricted all spot buys on the platform and added that Japanese yen withdrawals "may take more time than usual."

    More than $473 million had been lost to cryptocurrency hacks in 2024 prior to this theft, which is the second largest in Japan as Coincheck was hacked for 58 billion yen in 2018.

    UPDATE (May 31, 16:25 UTC): Adds data from Blocksec on the flow of stolen funds, paragraph on crypto hacks in 2024.

    Edited by Sheldon Reback.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    Read more about