DMM Bitcoin Shares Recovery Plan Following $300M BTC Hack

• DMM Bitcoin has outlined a post-hack recovery plan.
• The exchange was exploited for hundreds of millions on May 31.
• Investigation into the security incident is underway.

Japanese crypto exchange DMM Bitcoin has outlined a plan to cover hundreds of millions in losses it incurred from an attack last week.

On May 31, DMM Bitcoin alerted its users to an “ unauthorized leak of Bitcoin (BTC)” worth over $300 million from its platform. The exchange took several measures to prevent further malicious leaks and promised users that all their deposits “will be fully guaranteed.”

Plan to Recover Financial Base and Procure BTC

In an announcement dated June 5, DMM Bitcoin outlined its plan to secure the exchange’s financial base and procure Bitcoin to guarantee affected users the full amount they lost to the May 32 hack, which Elliptic ranked as the eighth largest crypto heist of all time.

The exchange said it has sought financial support from its group companies and has so far raised 5 billion yen (about $32 million) through borrowing as of June 3.

An additional 48 billion (about $307.6 million) in funding through capital increase is planned for June 7, followed by subordinated borrowing of 2 billion yen (about $12.8 million) on June 10.

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“We will continue to raise the amount of Bitcoin (BTC) that was leaked, while taking care not to affect the market.” The statement read. “We are currently continuing our investigation into the cause of the unauthorized disclosure.”

Per the statement, the exchange will share a follow-up update “as soon as details are known.”

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