Japanese crypto exchange DMM Bitcoin has announced a devastating security breach, resulting in the theft of approximately $300 million worth of Bitcoin.

“At approximately 1:26 p.m. on Friday, May 31, 2024, we detected an unauthorized leak of Bitcoin (BTC) from our wallet,” DMM Bitcoin told customers.

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“We are still investigating the details of the damage, but the following is what we know at this stage. We have already taken measures to prevent the unauthorized leak, but we have also implemented restrictions on the use of some services to ensure additional safety.”

The exchange revealed in an urgent notice that an unauthorized outflow of 4,502.9 Bitcoin (BTC) occurred on May 31, 2024, from one of their hot wallets. The stolen amount is estimated to be the largest cryptocurrency heist of 2024 so far.

DMM Bitcoin immediately halted all deposits, withdrawals, and trading activities upon discovering the breach.

The exchange is investigating the incident, working alongside law enforcement agencies to track the perpetrators and recover the stolen funds.

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