BigONE Crypto Exchange Hack: Users Lose $27 Million in Major Exploit

BigONE Crypto Exchange Hack: Users Lose $27 Million in Major Exploit

In the most recent crypto exchange attack, crypto trading platform BigONE lost a huge $27 million in customer assets when the hacker gained unauthorized access to hot wallets. According to preliminary reports, the hacker took cash from a variety of assets, including Bitcoin, Ethereum, USDT, SHIB, SOL, DOGE, and others. The firm has temporarily banned deposits and withdrawals but has promised to refund consumers for their losses.

Supply Chain Exploit Leads to $27 Million Breach

BigONE, a cryptocurrency exchange, has revealed a security compromise that resulted in losses of more than $27 million due to a sophisticated supply chain attack. The hacker gained access by infiltrating the exchange’s production network and modifying the working logic of servers responsible for account and risk management. This latest crypto exchange attack comes just a month after the $100 million hack of Iranian cryptocurrency exchange Nobitex last month.

Assets Affected and Attack Details

Despite the seriousness of the vulnerability, BigONE said that no private keys were compromised during the attack. However, the manipulation of internal systems allowed for illicit fund withdrawals from numerous assets.

Stolen assets include:

• 121 BTC
• 350 ETH
• 9.69 billion SHIB
• 538,000 DOGE
• Various other crypto assets, including USDT and UNI

BigONE said that it discovered irregular movements of some of its assets on July 16. Following an examination, it was discovered to be the consequence of a third-party attack on their hot wallet.

Exchange Response and User Assurance

Following a recent $27 million security breach, cryptocurrency exchange BigONE published an official statement, assuring customers that the danger had been addressed and that all private keys were still secure. According to a statement from the exchange, the assault path has been discovered and eliminated, with no more losses expected.

BigONE has partnered with blockchain security startup SlowMist to track down the hacker’s addresses and follow the transfer of stolen money. Most high-profile crypto exchange breaches include hackers being silent for a short period of time, like the recent Coinbase attack, in which the hacker acquired 4,800 ETH after two months of silence.

Service Resumption and Industry Context

Following the event, BigONE stated that deposit and trading services will resume within hours. It also intends to resume withdrawals after installing extra security measures. Despite the maturation of the crypto business, hackers have breached several of the best crypto exchanges, including Bybit and Coinbase.

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