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Japan's DMM Bitcoin says over ¥48 billion of cryptocurrency lost

Japan's DMM Bitcoin says over ¥48 billion of cryptocurrency lost
It gave no details of how the incident occurred or whether an outside party had been involved, but said that it was investigating.

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Japanese cryptocurrency exchange DMM Bitcoin reported a loss of 4,502.9 bitcoin, valued at approximately ¥48.2 billion ($308 million), due to an "unauthorized leak." The company did not provide details on the incident but stated that it was investigating and had restricted some services. Cryptocurrency companies are often targeted by hacks and cyberattacks, although losses of this magnitude are uncommon. DMM Bitcoin plans to replace customers' lost bitcoin deposits with the assistance of other group companies. The Financial Services Agency has demanded an investigation into the incident. According to Tom Robinson, chief scientist and co-founder of Elliptic, if the loss is confirmed to be theft, it would be the eighth largest crypto theft of all time. This would be the largest such incident since the $477 million hack suffered by FTX in November 2022. The loss is the second largest in the region, following the $530 million worth of cryptocurrency stolen from the Japanese crypto exchange Coincheck in 2018. Last year, approximately $1.7 billion was stolen from various cryptocurrency platforms, according to crypto research firm Chainalysis.