BigONE Crypto Exchange Loses $27 Million in Third-Party Attack
BigONE, a leading cryptocurrency exchange, confirmed a security breach resulting in $27 million losses from its hot wallet infrastructure. The attack, detected on July 16, involved abnormal asset movements that triggered security alerts.
Attack Details and Immediate Response
Investigations revealed the attack targeted BigONE’s hot wallet while private keys remained secure. The exchange quickly contained the breach and partnered with blockchain security firm SlowMist to track stolen funds including:
- 120 Bitcoin (BTC)
- 350 Ether (ETH)
- Millions in USDT across multiple chains
- Various altcoins including CELR, SNT and SHIB
User Protection Measures
BigONE committed to covering all user losses through its security reserves containing BTC, ETH, USDT, SOL and XIN. The exchange is securing additional liquidity to restore affected wallets promptly.
Security Vulnerabilities Exposed
Security analysts at Cyvers identified critical gaps including:
- Single-point failure in hot wallet management
- Inadequate code integrity checks
- Missing pre-transaction validations
- Poor network segmentation
Broader Market Implications
This incident follows the $3.5 million Arcadia Finance exploit, highlighting growing security challenges in crypto. The first half of 2025 saw $2.47 billion lost to hacks – a 3% increase from 2024.
