The cryptocurrency exchange BigONE announced a significant loss of funds following a cyber attack. This article examines the incident's details and the actions taken by the exchange.
Details of the Cyber Attack
On July 16, a cyber attack was detected, leading to unauthorized withdrawals from the platform. According to the exchange, the attack resulted in the loss of 120 BTC, 350 ETH, 1,800 SOL, and over $8.5 million in USDT, as well as funds in other tokens including DOGE and SHIB. Blockchain security experts from SlowMist identified the incident as a supply chain attack in which hackers compromised production systems and altered internal server logic, enabling fund withdrawals without exposing private keys.
Measures Taken by the Exchange
BigONE assured users that wallet keys remained secure and that the attack path had been isolated. The company is working with SlowMist to trace the stolen funds and pledged to cover all losses using internal reserves. Trading and deposit services are expected to resume shortly.
Community and Expert Reactions
Meanwhile, blockchain investigator ZachXBT expressed discontent, alleging that BigONE facilitated illicit transactions linked to online scams. Despite limited visibility, according to BitDegree, BigONE processed over $467 billion in trading volume last week. Founded in China in 2017, the exchange remains a significant player in the crypto space.
The incident involving BigONE highlights the importance of security in the cryptocurrency sector and the need for ongoing monitoring and improvement of protection systems to prevent such attacks in the future.
