Hacked Japanese Crypto Exchange to Raise 50 Billion Yen to Repay Customers

DMM Bitcoin, a major cryptocurrency exchange based in Japan, has revealed its plan to secure 50 billion yen ($320 million) to repay customers after a significant security breach resulted in the loss of 4,503 bitcoins. The BTC leaked from the platform’s wallet on May 31. To ensure full reimbursement for affected customers, DMM Bitcoin plans to collaborate with its group companies to replace the lost bitcoin. Forty-eight billion yen will be funded through capital increase and two billion will come from subordinated loans. The platform will carefully manage the acquisition of BTC to prevent any adverse effects on the market. Ongoing investigations into the security lapse have drawn scrutiny from Japan’s Financial Services Agency (FSA), while Finance Minister Shunichi Suzuki has pledged to fortify security protocols across cryptocurrency exchanges.

Source: Bitcoin

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