Why did DMM bitcoin lose 48 billion yen?

All spot buys have been temporarily restricted and customers withdrawing yen may face delays. DMM Bitcoin, a Japanese cryptocurrency exchange, said it lost 48 billion yen ($305 million) of bitcoin (BTC) following a hack. In a blog post on its website, DMM Bitcoin said 4,502.9 BTC "leaked" out of the exchange.

What happened to DMM bitcoin?

Japanese cryptocurrency exchange DMM Bitcoin announced on Friday that over $300 million worth of Bitcoin (BTC) was stolen from its primary wallet. The breach occurred around 1:30 pm local time, with DMM Bitcoin reporting that approximately 4,503 BTC, valued at around $308 million at the time, had been "illegally leaked" from its wallet.

What happened to stolen bitcoin?

Cryptocurrency intelligence firm Elliptic, who is tracking the stolen Bitcoin, says that the threat actors have already split the stolen Bitcoin into multiple new wallets. This is likely done to obfuscate its tracks and evade blocks by other crypto exchanges if the threat actors attempt to exchange it for other cryptocurrencies.