Japan's FSA Demands DMM Bitcoin Submit Compensation Plan for Hack, Investigation Begins
CryptoNewsTerminal Staff04 Jun, 2024
Japan's FSA Demands DMM Bitcoin Submit Compensation Plan for Hack, Investigation Begins
Japan's Financial Services Agency (FSA) has demanded that cryptocurrency exchange DMM Bitcoin submit a report on the cause of the May 31 hack and a compensation plan for customers. According to blockchain data analytics firm Chainalysis, DMM Bitcoin lost 48 billion yen (about $423 million) in the hack, making it one of the largest cryptocurrency exchange hacks in history. FSA has launched an investigation into the hack and has ordered DMM Bitcoin to take steps to prevent future attacks. These measures include implementing stronger security measures and conducting regular security audits. DMM Bitcoin has apologized for the hack and has said that it is cooperating with the FSA's investigation. The exchange has also said that it is committed to protecting its customers' assets and has taken steps to enhance its security measures. The hack has raised concerns about the security of cryptocurrency exchanges and has led some investors to question the safety of their digital assets. However, FSA has said that it is committed to protecting investors and ensuring the stability of the cryptocurrency market.
