Japanese crypto exchange DMM Bitcoin plans to raise $320 million to buy Bitcoin and reimburse victims of a recent hack. The company assured customers that all affected Bitcoin holders will receive a refund via support from “group companies.”
DMM Bitcoin secured a 5 billion yen loan on June 3 and aims to raise an additional 48 billion yen on June 7 through a capital increase. Moreover, they will add 2 billion yen via subordinated loans on June 10. The exchange lost over 4,500 Bitcoin, valued at approximately $319 million, in the hack on May 31.
The stolen Bitcoin was distributed across ten wallets, each containing 500 BTC. Compliance with Japanese regulations, which mandate separate management of corporate and user funds, enables DMM Bitcoin to offer full refunds.
This strategic move not only aims to restore customer trust but also underscores the importance of regulatory compliance and robust security measures in the crypto industry.
