DMM Bitcoin, a Japanese cryptocurrency exchange, made headlines on Friday as it revealed that it had fallen victim to a massive hack, resulting in a loss of over $300 million worth of BTC. This incident has been deemed by Chainalysis, a crypto investigative firm, as the seventh-largest crypto hack in history.

The exchange promptly notified its users about the hack on Friday morning and assured them that their stolen Bitcoin would be replaced. However, it seems that the exchange’s website was inaccessible by Friday evening.

According to Beosin, a blockchain security firm, the stolen funds have been dispersed among 10 different addresses so far. They speculate that the hack occurred in one of two ways. Firstly, it could have been a traditional exchange attack where the signature service of DMM Bitcoin was compromised or its multi-sig private key was breached. In this scenario, the attacker would have used a historical transfer address to receive the stolen funds in order to avoid detection and raise any alarms. Secondly, it could have been an address spoofing scam, where only the first five and last two digits of the receiving address were verified during the transfer, allowing the funds to be sent to the hacker’s address.

Chainalysis highlights that this hack on DMM Bitcoin is the largest crypto hack since December 2022. As of now, Bitcoin’s trading price stands at $67,493, experiencing a drop of nearly 1.5% in the past 24 hours.

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