Op risk data: Japan’s giant bitcoin break-in makes a monster loss
Also: Citi’s fat-finger fallout; HSBC pays for unfair customer treatment; Visa and Mastercard fined over ATM fee-fixing. Data by ORX News
On May 31, the month’s largest loss was incurred in a virtual smash and grab on Japan’s DMM Bitcoin exchange, when ¥48.2 billion ($306.6 million) in cryptocurrency was stolen from its wallets.
On discovering the incident, the exchange made moves to control the damage by restricting its various services. It subsequently planned a capital increase by borrowing ¥50 billion from its parent company, e-commerce group DMM, to cover losses related to the event.
The looted bitcoin made up the majority of
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