DMM Bitcoin announces compensation strategy for hack victims

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DMM Bitcoin announces compensation strategy for hack victims
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Japanese crypto exchange DMM Bitcoin has announced its plan to pay back victims of a recent unauthorized leak of 4,502.9 BTC, worth approximately $305.1 million at the time of the theft. The company has secured funding through a loan and plans to raise additional capital to ensure full reimbursement for affected customers.

In a translated post, DMM Bitcoin reiterated its commitment to making available the entire amount of customer-held bitcoin lost in the leak, with support from its group companies. The exchange took out a loan worth $32 million (five billion yen) on Monday and plans to raise an additional $310 million (48 billion yen) on June 7. The company also seeks to secure roughly $13 million (two billion yen) in subordinated debt by June 10.

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The unauthorized leak occurred on May 31 at 12:26 am ET (1:26 pm JST), prompting DMM Bitcoin to halt crypto withdrawals, spot market purchase orders, and new leveraged trading positions. The company quickly assured customers that their bitcoin deposits would be fully guaranteed, a promise it has now repeated in its latest update.

DMM Bitcoin intends to release a report with more details about the leak once the information becomes available. The company stated, “We will continue to procure [b]itcoin equivalent to the amount leaked, taking care not to impact the market. We are currently continuing to conduct an investigation to determine the cause of the unauthorized leak.”

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