DMM Bitcoin, the Japanese crypto exchange that came to the fore with a major hacking incident recently, is preparing to purchase BTC.
According to Bloomberg, DMM Bitcoin will purchase 50 billion yen, or $320 million worth of Bitcoin, to compensate users who suffered losses from last week's attack.
DMM Bitcoin stated in its statement that the purchases will be made in a planned manner and that they will be careful to avoid affecting the Bitcoin market.
DMM Bitcoin said in its statement that it has already borrowed 5 billion yen. The exchange also stated that it is planning a capital increase of 48 billion yen, as well as subordinated debt financing of 2 billion yen, both from group companies, in the coming days.
The stock exchange added that the investigation into last week's hacking incident is continuing.
The Japan Financial Services Agency asked DMM Bitcoin to provide a detailed explanation about the reasons for the hack and outline a refund plan for customers affected by the hack.
Additionally, Japanese Finance Minister Shunichi Suzuki promised that the government will work harder to prevent such hacking incidents on cryptocurrency exchanges.
According to Chainalytics, this attack was the seventh largest crypto hack to date.
*This is not investment advice.
