DMM Bitcoin Hacked: $300M in Bitcoins Stolen, Japan's Largest Crypto Heist of 2022
DMM Bitcoin, a licensed Japanese cryptocurrency exchange, has suffered a significant blow. The hack, which occurred recently, resulted in the theft of nearly $300 million worth of BTC, making it the largest crypto exchange hack of 2022 so far.
Initially launched in early 2018, DMM Bitcoin offered seven cryptocurrencies and 14 trading pairs. It is a subsidiary of the DMM Group, a large Japanese internet company that operates sites like DMM.com. The exchange is one of the few to have received a license from the Japanese Financial Services Agency (FSA).
The hack, which involved the theft of approximately 4,500 BTC, has placed DMM Bitcoin among the top 10 crypto hacks of all time. This incident also makes Japan home to three of the top 10 exchange hacks. Trading on DMM Bitcoin was initially limited following the launch, and Japanese yen withdrawals were delayed.
Investigations suggest that the hacker is likely initiating a money laundering process. The stolen BTC is being divided into smaller portions and distributed to different addresses. This hack has nearly doubled the cumulative damage from hacks this year to $473 million.
DMM Bitcoin, owned by DMM.com, has promised to fully compensate users for their losses from the funds of the DMM Group. This commitment comes as a relief to users, but the hack serves as a stark reminder of the security challenges faced by cryptocurrency exchanges.
