Bitcoin
Japanese Crypto Exchange DMM Bitcoin Hacked for Over $300 Million in BTC
Japanese cryptocurrency exchange DMM Bitcoin announced on Friday that it was hacked worth more than $300 million in Bitcoin.
The exchange said it lost 4,502.9 BTC ($305 million) in what crypto research firm Chainalysis called “the seventh biggest crypto hack of all time.”
DMM Bitcoin announced the hack on Friday morning and promised that it would replace Bitcoin stolen from customers, via the exchange’s website seemed to be down until Friday night.
Blockchain security company Beosin it says The stolen funds have been distributed to 10 addresses so far and were likely stolen in two ways.
“1. A traditional switch attack. DMM Bitcoin’s signature service has been attacked or the multi-sig private key has been compromised. The attacker then used a similar historical transfer address to receive funds and avoid detection and alert.
2. The exchange’s wallet controller suffered an address spoofing scam, meaning only the first five digits and the last two digits of the receiving address were verified during the transfer, resulting in the transfer to the hacker’s address.”
Chainalysis notes that the DMM Bitcoin exploit is the biggest crypto hack since December 2021.
Bitcoin is trading at $67,493 at the time of writing. The top-ranked crypto asset by market cap is down nearly 1.5% in the last 24 hours.
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