In the latest crypto exchange hack, crypto trading platform BigONE lost a massive $27 million in user funds, with the hacker managing to gain unauthorized access to hot wallets. Preliminary reports show that the hacker has stolen funds across assets, including BTC, ETH, USDT, SHIB, SOL, DOGE, etc. The company has temporarily suspended deposits and withdrawals; however, it has assured users to compensate for the losses.
BigONE Becomes Latest Victim of Crypto Exchange Hack
Cryptocurrency exchange BigONE has confirmed a security breach resulting in losses exceeding $27 million following a sophisticated supply chain attack. The hacker managed to gain access by compromising the exchange’s production network and altering the operating logic of servers responsible for account and risk control. This latest crypto exchange hack comes within a month of the $100 million hack of Iranian crypto exchange Nobitex last month.
Despite the severity of the breach, BigONE stated that no private keys were leaked during the exploit. However, the manipulation of internal systems enabled unauthorized fund withdrawals across multiple assets. As per the on-chain data, the hacker stole a total of 121 BTC, 350 ETH, 9.69 billion SHIB, 538,000 DOGE, among other crypto assets like USDT, UNI, etc. In its official confirmation, crypto exchange BigONE noted:
“In the early hours of July 16, BigONE detected abnormal movements involving a portion of the platform’s assets. Upon investigation, it was confirmed to be the result of a third-party attack targeting our hot wallet”.
Updates on $27 Million Hack
Crypto exchange BigONE provided an official update following a recent $27 million security breach, assuring users that they have contained the threat and all private keys remain secure. In a statement, the exchange said the attack path had been identified and neutralized, with no risk of further losses.
BigONE has joined hands with blockchain security firm SlowMist to trace the hacker’s addresses, and monitor the movement of stolen funds. In most of the high-profile crypto exchange hacks, these hackers go into silence for a brief period, as with the latest Coinbase hack, wherein the hacker purchased 4,800 ETH after two months of silence.
Following the incident, BigONE noted that deposit and trading services will resume within hours. It also plans to restore withdrawals after implementing additional security measures. Despite the crypto market maturing, hackers have managed to breach some of the best crypto exchanges, including the likes of Bybit and Coinbase.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
✓ Share: