The cryptocurrency exchange BigONE fell victim to a coordinated attack, resulting in over $27 million stolen in various cryptocurrencies.
Incident Overview
The BigONE exchange was attacked through a supply chain attack, enabling the perpetrator to bypass internal controls and reroute funds across multiple wallets without using private keys. Stolen assets included 121 BTC, 350 ETH, 8.54 million USDT, 1,800 SOL, and a significant amount of SHIB.
SHIB Community Reaction
The SHIB community reacted immediately to the incident, anticipating a potential price dump and panic. However, despite the mass withdrawal of tokens from exchange custody, the price of SHIB showed signs of stability. The one-minute chart revealed a dip to $0.00001350, but the price quickly began to recover.
Future Steps for BigONE
BigONE has frozen withdrawals and confirmed that the breach occurred through its backend systems, not through a leak of user credentials or wallets. A recovery plan is in motion, but the market's reaction and SHIB's price movement are becoming intriguing facets of this incident.
The situation at BigONE emphasizes vulnerabilities within cryptocurrency exchange security systems and the market's response to such events. Going forward, it is important to monitor price dynamics and the exchange's actions in response to the attack.
