DMM Bitcoin, a prominent cryptocurrency exchange headquartered in Japan, has unveiled its strategy to obtain 50 billion yen ($320 million) in order to compensate customers following a significant breach in security that resulted in the loss of 4,503 bitcoins. The bitcoins were leaked from the platform’s wallet on May 31. In order to ensure that affected customers are fully reimbursed, DMM Bitcoin intends to collaborate with its group companies to replace the lost bitcoins. Of the required amount, 48 billion yen will be obtained through a capital increase, while the remaining two billion yen will be acquired through subordinated loans. The platform will meticulously handle the acquisition of bitcoins to prevent any negative effects on the market. The ongoing investigation into the security lapse has attracted attention from Japan’s Financial Services Agency (FSA), and Finance Minister Shunichi Suzuki has committed to strengthening security protocols across cryptocurrency exchanges.
