Japanese cryptocurrency exchange DMM Bitcoin has confirmed that it had been the victim of a hack resulting in the theft of 4,502.9 bitcoin, equivalent to approximately $305 million.
The theft is being tracked by crypto security firm Elliptic, which characterized it as the eighth largest crypto theft in history. Elliptic reported that the threat actors have already split the stolen Bitcoin into multiple new wallets, complicating efforts to trace and recover the funds.
DMM Bitcoin disclosed the breach in a statement, revealing that they detected “an unauthorized leak of Bitcoin (BTC) from our wallet” on Friday. The company assured users that it is actively investigating the incident and has implemented measures to prevent further thefts. Additionally, they have placed “restrictions on the use of some services to ensure additional safety.”
DMM Bitcoin has not provided specific details on how the breach occurred. However, the company has promised that all Bitcoin deposits will be fully guaranteed. “We will procure the equivalent amount of BTC that was leaked with support from our group companies,” the exchange stated.