As a researcher with experience in the crypto industry, I find DMM Bitcoin’s announcement of raising $320 million to purchase bitcoin and repay their hack victims an intriguing development. The fact that all customers who held Bitcoin during the hack will be guaranteed a refund is commendable, as it shows the company’s commitment to making things right for its clients.
On its website, the Japanese cryptocurrency exchange announced its intentions to acquire $320 million worth of bitcoin and compensate those affected by the previous hack.
Based on DMM Bitcoin’s website announcement, those who possessed Bitcoin (BTC) during the hack are assured a reimbursement from companies associated with it.
According to the original announcement, we will ensure full reimbursement for all lost Bitcoin (BTC) of our customers through assistance from affiliated firms, making up for the cryptocurrency that was inadvertently released.
On June 3, DMM Bitcoin secured a 5 billion yen loan. Subsequently, they aim to procure an additional 48 billion yen through a “capital boost” on June 7, without providing specifics on their website. Moreover, they intend to acquire an extra 2 billion yen via subordinated loans on June 10, according to the announcement.
DMM Bitcoin announced that ongoing loan initiatives and fundraising campaigns won’t influence the value of the bitcoin market at large, without disclosing more information regarding the recent hack. They assured a thorough examination would follow.
The investigation is still ongoing regarding the recent unauthorized leak. Look for an upcoming announcement with more information once the details have been determined.
Hack details
On May 31, over 4,500 Bitcoin, equivalent to approximately $308 million at the time, were stolen during an attack on the exchange. The same amount of Bitcoin is now valued at around $319 million in current market conditions.
The firm maintained that all the Bitcoin held by customers were “unauthorizedly taken” from their digital wallets, pledging a complete refund. The thief divided the pilfered bitcoins among ten different wallets, distributing roughly 500 BTC in each batch.
At first, the business stated that they would be able to provide complete refunds because of adherence to Japanese laws. These regulations demand that virtual asset providers keep their corporate resources distinct from client funds and effectively manage their own liquidity.
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2024-06-05 16:48