Renowned Japanese cryptocurrency exchange DMM Bitcoin has revealed its intentions to compensate individuals affected by the recent hack, which resulted in the theft of around 4,503 BTC ($318.61 million).
In an announcement made today, the company outlined its strategy to gather 55 billion Japanese yen ($352.3 million) to reimburse those impacted by the hacking incident. DMM Bitcoin plans to secure the necessary funds through loans and capital injections from affiliated companies.
The exchange elaborated on its fundraising tactics, stating that it had already secured a 5 billion yen loan on June 3. An additional 48 billion yen will be obtained through a capital increase on June 7, with an additional 2 billion yen raised on June 10 via subordinated loans.
The primary purpose of the funds is to recover the nearly 4,503 BTC that was stolen during the hack. Following this, the company will compensate affected customers and allocate the remaining funds towards facilitating withdrawals.
The hack took place on May 31 at 1:30 PM local time, prompting DMM Bitcoin to halt all spot purchases and delay yen withdrawal processing. Despite the disruption, the exchange pledged full compensation to customers through the funds acquired from related entities.
DMM Bitcoin is currently conducting an investigation into the hack’s root cause, with further details expected to be shared once the inquiry is completed.
Meanwhile, Blocksec, a reputable blockchain security firm, has provided insights into the movement of the stolen funds. The attackers transferred the 4,502.9 BTC to an external wallet, registered under the address 1B6rJR…dZw7P. Subsequently, the total amount was distributed among ten different wallets, with nine transactions containing 500 BTC each, while the remaining wallet received 2.89 BTC.
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