DMM, a cryptocurrency exchange based in Japan, fell victim to a cyber attack on May 30, resulting in the loss of over $305 million worth of Bitcoin. Hackers breached the exchange's server security and stole 4,502.9 Bitcoin. Despite this, DMM reassured users that their deposits are secure and took responsibility for the stolen assets.

Following the attack, DMM temporarily suspended several services, including withdrawals, new account creations, spot buy orders, and fresh leveraged orders. However, existing limit orders remained unaffected.

The cyber attack sparked discussions among crypto enthusiasts on social media after Whale Alert, an analytics platform, notified users of a significant Bitcoin transfer involving 4,502 Bitcoins. DMM later disclosed their loss.

DMM has implemented measures to prevent unauthorized outflows in the future and plans to compensate users for their losses by procuring an equivalent amount of lost Bitcoin. Funding for compensation is expected to come from the company's group of companies.

Users are advised to stay vigilant for updates, and normal services will resume with notifications. DMM, owned by the e-commerce giant DMM Group, has been operating since January 2018 and also owns a crypto mining firm.

This incident underscores the ongoing risk of cyber attacks on cryptocurrency exchanges, as seen with previous breaches like Poloniex's $100 million loss in November and GDAC's $14 million loss in April 2023.