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Read on why DMM Bitcoin, a Japanese exchange, is repaying its users and why Metaplanet makes BTC a reserve asset.
JPN Exchange to Repay Users; Metaplanet Makes BTC ReserveDMM Bitcoin, a Japanese crypto exchange, was hacked resulting in the loss of 4,502.9 Bitcoin (BTC). The company is now preparing to raise funds to buy BTC to pay back its customers. DMM is considering raising 50 billion yen which is around $321 million. They claimed that the funds would 'protect' the world's largest crypto from being affected by the breach. DMM Bitcoin also mentioned that an ongoing investigation is underway. The incident is regarded as the seventh-largest crypto hack, resulting in the loss of around $305 million in customer funds. DMM Bitcoin acknowledged in an official statement that there was an unauthorised leakage of Bitcoin (BTC) from our wallet, surprising crypto users including Roobet casino players. ‘We are still investigating the details of the damage. Please rest assured that all of your Bitcoin deposits will be fully guaranteed. DMM Bitcoin will procure the equivalent amount of BTC that was leaked with support from our companies’, the exchange stated.Japanese regulators have asked DMM Bitcoin to detail its compensation measures for affected customers after the attack. The government also promised to do their best to stop these kinds of incidents from happening on the country's crypto exchanges.The Rise of Crypto Hacks in JapanAside from the DMM Bitcoin hack, many crypto heists involving crypto exchanges have occurred in Japan. Attackers broke into the servers of Tokyo-based crypto exchange Liquid in August 2021 and stole coins valued at least $94 million.Hackers reportedly stole crypto from Liquid's 'warm' wallets. The exchange then transferred all remaining funds to cold wallets, which are offline accounts. In 2018, Coincheck was also the victim of another high-profile breach on a Japanese crypto exchange, losing 523 million NEM coins. These incidents heightened concerns about the overall standing of crypto in the country. Metaplanet Makes BTC a Reserve AssetThe Tokyo stock exchange, Metaplanet, chose Bitcoin (BTC) as a strategic reserve asset. ‘Metaplanet has adopted BTC as its strategic reserve asset. The move is a direct response to sustained economic pressures in Japan, notably high government debt levels and the consequently weak yen’, the company said.US-listed MicroStrategy (MSTR) has also acquired BTC worth billions of dollars since April 2024. Metaplanet followed suit, acquiring 117.7 BTC which is around $7.19 million. The company severed ties with Web3 and now focuses on BTC and commercial real estate.Metaplanet’s strategy to make BTC a reserve asset stands out as it happens amidst concerns that the currency market is reflecting Japan's budget issues. Crypto users have long promoted BTC as a protection against wasteful spending and misuse of funds.Japan has the highest ratio of developed economies' gross debt to GDP at around 254% based on figures maintained by the International Monetary Fund. The Bank of Japan (BOJ) hasn't raised interest rates like the Federal Reserve (Fed) and other major central banks have because Japan has a lot more debt than other major central banks. The cost of paying off debt goes up when interest rates go up, which makes the budget problems even worse. Since early 2022, when the Fed raised rates above 5%, Japan's average borrowing cost has stayed close to zero. Due to this, the yen has lost a lot of value. Differences in interest rates have also had a big effect on the exchange rates of fiat currencies.With Japan’s economy facing various challenges, crypto users including Roobet casino players are hoping that the rise of coins like BTC will help the country overcome its problems. Also, many expressed their concern about the rise of crypto hacks in Japan. They demand the government strengthen measures to prevent these incidents.