DMM Bitcoin, a Japanese cryptocurrency exchange, falls victim to a $305 million hacking incident.

DMM Bitcoin, a Japanese cryptocurrency exchange, announced that it lost around $305 million worth of bitcoin due to a hack. The hackers managed to take 4,502.9 BTC from the exchange. The exchange assured users that measures were in place to prevent further unauthorized withdrawals. According to security firm Blocksec, the stolen bitcoin was divided into 10 wallets, each containing around 500 BTC. DMM Bitcoin stated that they would replenish the lost BTC with support from their group companies. As a result of the hack, the exchange has halted spot buys and warned users that yen withdrawals might take longer than usual. This incident marks the second largest cryptocurrency theft in Japan, following Coincheck’s hack in 2018.