In a significant breach, Japanese cryptocurrency exchange DMM Bitcoin reported a loss of approximately $300 million worth of bitcoin due to an "unauthorized leak" from its digital wallet. The incident was detected at around 13:26 (0426 GMT) on Friday, prompting immediate measures to prevent further leaks and restrict certain services to enhance security.

DMM Bitcoin, while not detailing the nature of the leak, disclosed that the amount involved was about 48.2 billion yen, equivalent to 4,502.9 bitcoins. Global cryptocurrency analysis firm Chainalysis described this incident as one of the largest crypto hacks to date, ranking it as the biggest since December 2022 and the seventh-largest ever.

In a statement, the exchange assured customers that their Bitcoin deposits would be fully guaranteed with support from its group companies. Meanwhile, Japan's Financial Services Agency has instructed DMM Bitcoin to investigate the breach thoroughly and ensure customer protection, with the police also launching a probe into the case.

Cryptocurrencies, despite their increasing acceptance, have been marred by numerous security incidents and dramatic price fluctuations. Historical precedents include the 2014 theft of 850,000 bitcoins from Mt. Gox, valued at about $470 million at the time, and the 2018 hack of Coincheck, resulting in a loss of nearly $500 million.

The DMM Bitcoin hack underscores the ongoing vulnerabilities within the cryptocurrency industry, emphasizing the need for robust security measures and regulatory oversight to protect users and maintain trust in digital asset exchanges.