Updated: May 31, 2024 11:42 AM EDT
Japanese cryptocurrency exchange DMM bitcoin BTC
-0.85%
DMM Bitcoin, a subsidiary of DMM Group, posted a statement written in Japanese translated into English, saying, “On Friday, May 31, 2024, at approximately 1:26 p.m., we detected an unauthorized outflow of Bitcoin from our wallet.” To the company website.
The exchange announced that 4,502.9 bitcoins (about $306 million) were stolen. It seemed like they were promising their customers that they would reimburse them if necessary.
“With the support of our group companies, we will raise an equivalent amount of the BTC that has been leaked, so all your Bitcoin deposits are fully insured,” it said in a statement.
According to cryptocurrency forensics firm Elliptic, this exploit, if confirmed, would be “the eighth-largest cryptocurrency theft of all time and the largest since the $477 million hack suffered by FTX in November 2022.”
Updated with commentary from . Ellipse.
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RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.