Highlights:
- DMM Bitcoin, a Japanese cryptocurrency exchange, has disclosed a compensation strategy for the hack victims of an unauthorized theft involving 4,502.9 bitcoins valued at $305.1 million during the incident.
- To ensure that all the customers affected receive full refunds, this company obtained monetary support in terms of loans and intends to collect more money by issuing new shares.
DMM Bitcoin’s Recovery Plan: Refunding Hacked Bitcoins
In another post, DMM Bitcoin confirmed that they are ready to pay out all bitcoins held by clients stolen/disappeared during the hacking attack with assistance from sister companies, such as in a post translated into another language.
The entity borrowed $32 million (five billion yen) on Monday and also plans to get an extra $310 million (48 billion yen) on June 7. They are also eyeing to collect approximately $13 million (two billion yen) as subordinate loans by June 10.
It was at 12:26 am ET on May 31 that the unauthorised leak occurred leading to the stoppage of DMM Bitcoin’s crypto withdrawals, spot-market purchase orders, and initiating new leveraged trading positions by 1:26 pm JST. However, in no time after that, the company also gave customers whose bitcoins are affected an assurance of the security of their funds which was echoed again by the firm’s most recent post.
What’s ahead?
After the information is available, DMM Bitcoin plans to reveal a report with more details about the leak. “We will continue to procure [b]itcoin equivalent to the amount leaked, taking care not to impact the market,” said the firm. At the moment, they are investigating the purposes for which this unauthorized information was shared.
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