Japanese Crypto Exchange DMM Bitcoin Faces $300 Million Asset Disappearance

DMM Bitcoin, a Japanese cryptocurrency exchange operated by DMM.com LLC, announced that it has lost digital assets valued at approximately 48.2 billion yen ($300 million). The loss was detected on Friday at around 1:26 p.m., prompting the Tokyo-based company to halt virtual currency withdrawals and new account applications. This incident is considered the second-largest loss of cryptocurrency in Japan, following the 58 billion yen theft from Coincheck in 2018. Tokyo police are set to investigate the matter further. DMM Bitcoin offers trading in around 40 types of cryptocurrencies and reported having around 377,000 accounts as of March 2023.