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Major Outflow at Cryptocurrency Exchange: DMM Bitcoin Faces Crisis and Countermeasures
Unbelievable: Tragedy Strikes Just Before May’s Monthly Close
An incredible event has occurred at a Japanese cryptocurrency exchange. With this development, a certain level of caution is necessary as we may see a downturn in June as well.
目次
Important Notice: Report on Unauthorized Cryptocurrency Outflow (First Report)
Key Points
- Bitcoin theft detected from the company’s wallet.
- The stolen amount is 4,502.9 BTC, worth approximately 48.2 billion yen.
- Customer assets will be fully compensated with support from a group company.
- Service restrictions implemented for security.
- Apologies for any inconvenience caused.
Summary
Point: There was a significant theft of Bitcoin from the company’s wallet.
Reason: The stolen amount was 4,502.9 BTC, worth about 48.2 billion yen, which prompted immediate security measures.
Example: The company has restricted services like new account openings, crypto withdrawals, and certain trades.
Point: Customer assets are fully protected and will be compensated in full, ensuring their security and trust.
Full Explanation in English
On May 31, 2024, at around 1:26 PM, we detected an unauthorized outflow of Bitcoin (BTC) from our company’s wallet.
We are still investigating the details, but here’s what we know so far. The amount of Bitcoin stolen from our wallet is 4,502.9 BTC, which is approximately 48.2 billion yen.
To address this breach, we have already taken countermeasures and implemented additional security restrictions on some services.
We deeply apologize for any inconvenience caused.
Details of the Cryptocurrency Outflow: The amount of Bitcoin (BTC) stolen is 4,502.9 BTC, worth about 48.2 billion yen.
Regarding Customer’s Deposited Bitcoin (BTC): All customers’ Bitcoin deposits will be fully compensated with support from our group company, so please rest assured.
Service Restrictions: We have restricted the following services:
- New account opening reviews.
- Cryptocurrency withdrawal processing.
- Suspension of buying orders for spot trading (selling orders are still accepted).
- Suspension of new leverage trading orders (settlement orders are still accepted).
Note: Existing limit orders for spot trading and leverage trading will not be canceled. However, JPY withdrawals may take longer than usual.
We will inform you separately when the services will resume.
We sincerely apologize for the inconvenience and concern this incident has caused.
Quote source：https://bitcoin.dmm.com/news/20240531_01
This unauthorized outflow incident is not likely to have a significant impact on the cryptocurrency market. The reason for this is that the amount lost in this incident represents only about 0.02% of Bitcoin’s market capitalization.
In comparison, the Mt. Gox incident in Japan in March 2014 involved losses amounting to 6.71% of Bitcoin’s market capitalization, and the Coincheck XNEM hacking incident in January 2018 involved losses amounting to 0.23% of Bitcoin’s market capitalization. Therefore, the impact of this incident is relatively minor.
However, since DMM Bitcoin is one of Japan’s major exchanges, Japanese investors may feel anxious about investing in cryptocurrencies, making it difficult to be overly optimistic about the situation.
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