In a shocking turn of events, the Japan-based DMM Bitcoin exchange has been the victim of a cyber attack, resulting in the theft of $300 million worth of Bitcoin. The exchange, which is known as one of the significant players in Japan’s cryptocurrency market, reported that approximately 48 billion yen ($305 million) worth of Bitcoin was stolen in the incident.
Details regarding the large-scale theft are still emerging, as reported by Nikkei. However, the exchange’s management has already made a decision to compensate those affected by the hack. In a statement from the exchange,
it was confirmed that more than 4,500 Bitcoins were stolen, and the company assured its customers that “We guarantee that you will get back the amount of Bitcoin you lost. The assets of our company and our customers are being held separately.”
Japan’s Regulations for Exchanges to Protect Customers’ Assets
As far as we know, Japan’s laws require exchanges to hold their own assets separately from those of their customers. This measure is in place to protect customers’ assets in the event of a hack or other catastrophic event.
Temporary Suspension of Services at DMM Bitcoin Exchange
Currently, membership, purchases, and leveraged transactions are temporarily suspended on the exchange.
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Japan’s Cryptocurrency Sector and the Infamous Mt. Gox Hack
Japan’s cryptocurrency sector is often associated with the infamous Mt. Gox hack. In 2014, more than 800,000 BTC were stolen from Mt. Gox, which subsequently filed for bankruptcy. Compensation for the victims of the hack is set to begin nearly a decade after the incident.
Coincheck Hack, One of the Largest Cyber Attacks in Japan’s History
Another one of the largest cyber attacks in Japan’s history took place in 2018. In this incident, 58 billion yen ($530 million) worth of NEM was stolen from the Coincheck exchange, causing a massive uproar throughout the country.
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Staying Vigilant in the Face of Cryptocurrency Hacks
As the popularity of cryptocurrencies continues to rise, so too does the number of hacking incidents. In order to protect your assets, it’s important to choose a reputable exchange and to enable two-factor authentication (2FA) on your account. Additionally, it’s a good idea to store the majority of your cryptocurrencies in a hardware wallet, which is considered to be the most secure type of wallet.
The recent hack of the DMM Bitcoin exchange is a reminder that the cryptocurrency market is still a wild and unpredictable place. However, by taking the necessary precautions, you can minimize your risk and enjoy the many benefits that cryptocurrencies have to offer.
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