Reuters
Hey folks.
Earlier I shared about a hack on DMM Bitcoin which is a Japanese crypto exchange.
On June 5, in a statement issued by the exchange explaining that it would recover the stolen funds of the customer by acquiring an equivalent amount of Bitcoin from DMM.com, which is its group company.
DMM Bitcoin promised users in the statement that it would "take care" to minimize any market impact from the planned purchases.
DMM Bitcoin also explained that the investigation is going on following the “unauthorized outflow” which is equivalent to 4,503 Bitcoin on May 31.
The exchange deeply apologized for the matter and its effect on the customers stating that it would “continue to investigate the cause of the unauthorized outflow.”
The company also shared that it will inform the public promptly of any new details as they are available.
Reportedly, the exchange borrowed five billion yen ($32 million) on June 3 in efforts to finance the compensation required to pay back the customers.
On June 7, there will be an additional 48 billion yen ($308 million) in capital increase, and on June 10, there will be an additional 2 billion yen ($12.8 million) through subordinated debt financing.
DMM.com is the source of this financial assistance and recovery fund accumulation, which will guarantee the money required to "guarantee customers’ Bitcoin holdings."
This is ranked as the eighth largest crypto hack in history. The incident of DMM Bitcoin is among the top 10 biggest cryptocurrency exchange hacks of all time.
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