Crypto Exchange DMM Bitcoin to Raise $320M to Pay Back Hack Victims
Summary
Japanese crypto exchange DMM Bitcoin plans to raise $320 million to buy bitcoin and compensate victims of a recent hack. The company will guarantee all BTC held by users with support from "group companies". DMM Bitcoin, a subsidiary of DMM Financial and part of the DMM Group conglomerate, secured a 5 billion yen loan on June 3. It plans to raise an additional 48 billion yen on June 7 through a capital increase and 2 billion yen on June 10 via subordinated loans. The funds will be used to purchase bitcoin and reimburse customers who held BTC in their accounts. The cause of the hack, which resulted in a loss of over $305 million, is still under investigation.
