Japanese Crypto exchange DMM Bitcoin Hacked
Hacking in the Crypto market is never a good experience. Despite the fact that exchanges are using highly advanced infrastructure on their platform but still they are not able to safeguard it completely. Its a bad event that affects exchange as well as users. It's hackers are more advanced and tech-savvy than exchanges. Many leading exchanges are hacked in past and because of that people lost a lot of money.
Japanese Crypto Exchange DMM Bitcoin hacked today and they have lost $305M worth of Bitcoin. This is a big amount but exchange has confirmed that they will compensate it all and this is a good step taken by the Crypto exchange. Funds safety is prominent and this type of actions are very good.
DMM Bitcoin, a Japanese cryptocurrency exchange, said it lost 48 billion yen ($305 million) of bitcoin (BTC) following a hack
The exchange has also confirmed that they have taken the precautions to control further damage as they have disabled withdrawal and they're also working to get the funds and get it paid to the equivalent amount.
While self custody is encouraged but still sometimes we are required to keep the coins in exchange wallet for various purposes. Every year we get to see some bad updates in the market when we get to hear about such painful incidents.
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I have already heard this news, it is very bad news, and this Bad News is not allowing Bitcoin to move forward
Well that's so sad, it's always good that we do our outmost to ensure the maximum security of our Bitcoin asset or any other digital asset to avoid stories like this. Nice informative post.