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Breaking: DMM Bitcoin Loses 4,502.9 BTC in $305 Million Crypto Hack

On Friday, Japanese Bitcoin exchange DMM suffered a significant setback, losing 4,502.9 Bitcoin to a hack. This translates to roughly 48.2 billion yen ($305 million USD) in customer funds.

In a public statement, DMM acknowledged the breach, labeling it as an “unauthorized leak of Bitcoin (BTC) from our wallet.” The company assured its users that it is actively investigating the incident and has already implemented precautionary measures to prevent further unauthorized access.

As part of these measures, DMM has temporarily suspended new account screenings and frozen cryptocurrency withdrawals. Additionally, spot traders are limited to selling only, while leverage traders are unable to initiate new positions.

DMM sought to reassure its customers, emphasizing that all Bitcoin (BTC) deposits are fully protected. The exchange pledged to replenish the equivalent amount of BTC that was lost, with assistance from its partners.

This latest incident marks one of the most significant exchange hacks globally in terms of fiat value. To provide context, the infamous Mt. Gox hack of 2014 amounted to $450 million. Among Japan-based exchanges, CoinCheck experienced the largest hack, losing 58 billion yen ($532 million) in 2018.

Historically, exchange hacks followed by corporate withdrawal freezes have left many customers without full reimbursement or receiving only a fraction of their lost coins in return.

However, there have been notable exceptions. For instance, Gemini Earn recently managed to fully reimburse its customers in cryptocurrency, even after freezing withdrawals for 18 months.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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