BigONE Exchange Falls Victim to $27 Million Cryptocurrency Hack

• BigONE exchange lost $27 million in a supply chain attack that compromised hot wallets and affected multiple cryptocurrencies, including BTC, ETH, and SHIB. 

• The exchange suspended deposits and withdrawals but promised full user compensation. 

• Security firm SlowMist is helping trace the stolen funds while BigONE implements additional security measures.

Cryptocurrency exchange BigONE confirmed a major security breach on July 16, 2025, resulting in losses exceeding $27 million. The attack targeted the platform’s hot wallet through a sophisticated supply chain exploit that compromised internal systems.

The hacker gained unauthorized access by infiltrating BigONE’s production network and manipulating the server operating logic responsible for account management and risk control. This breach represents the latest high-profile cryptocurrency exchange attacks that have plagued the industry.

Stolen Assets Span Multiple Cryptocurrencies

On-chain data reveals the scope of the theft across various digital assets. The attacker successfully withdrew 121 BTC, 350 ETH, 9.69 billion SHIB tokens, and 538,000 DOGE coins. Additional stolen assets include USDT, UNI, and other cryptocurrencies held in the exchange’s hot wallet.

BigONE detected abnormal asset movements during the early morning hours of July 16. The exchange immediately launched an investigation that confirmed the unauthorized withdrawals resulted from a third-party attack targeting their hot wallet infrastructure.

The company emphasized that no private keys were compromised during the security breach. However, manipulating internal systems enabled the hacker to bypass security protocols and execute unauthorized fund transfers.

BigONE temporarily suspended all deposit and withdrawal services following the incident. The exchange assured users that the attack path had been identified and neutralized, with no additional risks to the remaining funds.

The platform partnered with blockchain security firm SlowMist to trace the hacker’s wallet addresses and monitor stolen fund movements. This collaboration aims to track the cryptocurrency’s destination and potentially recover stolen assets.

BigONE is committed to compensating affected users for their losses. The exchange plans to restore deposit and trading services within hours, while withdrawal functionality will resume after implementing enhanced security measures.

Industry Impact and Security Concerns

This attack follows a pattern of cryptocurrency exchange breaches that have targeted major platforms. The incident occurred within a month of the $100 million hack of Iranian exchange Nobitex, highlighting persistent security vulnerabilities in the cryptocurrency trading ecosystem.

Previous high-profile breaches have affected established exchanges, including Bybit and Coinbase. Security experts note that hackers often remain inactive after major thefts, as demonstrated by recent Coinbase attackers who purchased 4,800 ETH after two months of silence.

Despite industry maturation, the BigONE breach underscores cryptocurrency exchanges’ ongoing security challenges. Trading platforms continue investing in enhanced security infrastructure to protect user funds from increasingly sophisticated cyberattacks.

BigONE’s swift response and transparency regarding the breach demonstrate industry efforts to maintain user trust during security incidents. The exchange’s commitment to full compensation reflects evolving standards for customer protection in cryptocurrency trading.