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DMM Bitcoin’s $321M buyback – Analyzing the impact on BTC’s price

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DMM Bitcoin, a Japanese crypto exchange, encountered a security breach resulting in the loss of $305 million worth of bitcoin.

AMBCrypto analyzed the possible impact of this purchase on the Bitcoin marketThe breach led to 4,502.9 BTC being illicitly transferred out of the exchange’s reserves, as reported by security analysts from Blocksec. Analysts noted that stolen funds were split into batches of 500 BTC across ten different wallets.The platform disclosed plans to secure 50 billion yen to purchase Bitcoin lost. This move is part of a broader initiative to stabilize the exchange’s operations and restore user trust.

Japan’s Financial Services Agency has required DMM Bitcoin to thoroughly investigate the incident. A report on both the breach’s origins and the company’s customer compensation strategy was also requested.

 

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