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A severe hack attack hit the Seychelles-based cryptocurrency exchange, BigONE, in the early hours of July 16, leading to an estimated $27 million stolen from its hot wallet. The heist included 120 BTC, 350 ETH, 1,800 SOL, and 8.54 million USDT among other cryptocurrencies. In their aftermath response, BigONE assured their users that they will be compensated for the entire loss.
Details of the $27 Million Hack Attack
Blockchain security firm SlowMist disclosed that the hackers employed a sophisticated technique known as a supply chain attack. According to SlowMist, the attackers inserted malicious code into the exchange’s production network, enabling them to execute automatic withdrawals without accessing the private keys. This method infiltrates the system through third-party updates, thereby bypassing traditional security measures.
Although BigONE’s monitoring systems detected the anomaly within minutes, the losses still surged to $27 million as the transactions spanned four separate networks. The breach also affected eight other cryptocurrencies, including DOGE, SHIB, and CELR.
BigONE Implements Full Security Measures
Following the breach, BigONE quickly isolated the attack path. It took immediate actions such as securing hot wallet keys and activating internal security reserves to protect its liquidity pools. A portion of the loss will be covered by its insurance fund, which has been amassed from operational profits over time.
According to Bitdegree, BigONE, with a weekly transaction volume of $467.2 billion, is now working towards reopening deposit and trading services within a few hours. Meanwhile, Blockchain tracking continues to monitor the movements. Blockchain data researcher ZachXBT remarked on the situation, alleging that BigONE’s wallets have been involved in facilitating high-volume transactions linked to romantic scams, expressing indifference to the loss.
