Japanese Crypto Exchange DMM Bitcoin Reports $308M BTC Theft

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In a significant blow to the cryptocurrency industry, Japanese crypto exchange DMM Bitcoin has revealed that $308 million worth of Bitcoin was stolen from its primary wallet. Per reports, the incident stands as one of the largest thefts to impact the crypto world in recent years. 

DMM Bitcoin has Taken Security Measures

DMM Bitcoin, a prominent player in the digital currency market, disclosed the theft in a public announcement, confirming that the stolen assets were housed in their main wallet, which is typically used for daily transactions and operations. Although the full details of how the hack happened were not disclosed, the company has assured its customers that it will fully guarantee all Bitcoin deposits despite this substantial loss. 

In response to the incident, DMM Bitcoin has taken immediate security measures. The exchange has suspended all buying orders for spot trading to prevent further losses and ensure system integrity. Additionally, it has halted the opening of new leveraged trading positions, a move that affects traders who typically operate on margin and leverage to maximize their trading potential. Moreover, DMM Bitcoin has temporarily paused the screening process for new account openings. 

This measure is designed to focus the company’s resources and efforts on investigating the breach, reinforcing security protocols, and ensuring that existing customer assets are protected. 

Chinese Woman Sentenced for Role in Bitcoin Scam

A few days ago, a British-Chinese woman, Jian Wen, received a six-year and eight-month prison sentence for getting involved in laundering Bitcoin in China. The fraud was valued at approximately $6 billion. 

The 42-year-old woman allegedly performed the money laundering for her former boss Yadi Zhang. Wen was not accused of directly committing the crime but of aiding Zhang to launder the proceeds of the crime. 

Crypto Industry Witnessed Decline in Losses

A recent report by blockchain security firm Immunefi revealed a notable 23% decline in losses attributed to hacking and scams during the first quarter of 2024 compared to the same period in 2023. According to research, the total amount lost to hacking and fraud incidents in Q1 2024 stood at approximately $336.3 million, down from $437.5 million in Q1 2023. Despite this positive trend, the crypto industry remains vigilant as threats persist. 

As reported earlier by TheCoinRise, Prisma Finance, a non-custodial and Decentralized Finance (DeFi) protocol, fell victim to a significant hacking incident, losing $9 million in the incident.

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