DMM Bitcoin, a well-known cryptocurrency exchange in Japan, has announced its plans to compensate the victims of a recent hacking incident that resulted in the theft of approximately 4,503 BTC ($318.61 million).
In a recent announcement, the company revealed its intention to raise 55 billion Japanese yen ($352.3 million) in order to reimburse those affected by the hack. DMM Bitcoin plans to secure the necessary funds through a combination of loans and capital injections from its affiliated companies.
To achieve this goal, DMM Bitcoin has already borrowed 5 billion yen on June 3, with an additional 48 billion yen set to be raised through a capital increase on June 7. The exchange will also secure another 2 billion yen through subordinated loans on June 10.
Once the funds have been obtained, DMM Bitcoin intends to use them to repurchase the stolen 4,503 BTC and compensate the impacted customers. Any remaining funds will be allocated towards facilitating withdrawals on the platform.
The hacking incident took place on May 31 at 1:30 PM local time, prompting DMM Bitcoin to temporarily halt spot purchases and delay yen withdrawals. The company has assured its customers that they will be fully compensated through the funds raised from its group companies.
As investigations into the hack continue, DMM Bitcoin is working to uncover the root cause of the breach. Once the investigation is complete, the exchange plans to provide more insights into the incident.
In the meantime, blockchain security firm Blocksec has tracked the movement of the stolen funds, revealing that the hackers transferred the 4,502.9 BTC to an external wallet with the address 1B6rJR…dZw7P. Subsequently, the total amount was distributed across 10 different wallets, with nine transactions containing 500 BTC each and the final wallet receiving 2.89 BTC.
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