On July 16, the cryptocurrency platform BigONE was targeted by a massive cyber attack that led to a loss of approximately $27 million. The attack affected the company's hot wallet and resulted in significant losses.
How Did the Hack Unfold?
The attack was carried out using a sophisticated supply chain attack method, as revealed by the blockchain security firm SlowMist. Hackers injected malicious code into the platform’s production network, enabling automatic withdrawals without the need for direct access to private keys.
Impact of the Cyber Attack
Although BigONE’s monitoring systems quickly identified the anomaly, the breach resulted in significant financial damage, affecting over four different networks. The stolen assets included 120 bitcoins, 350 ethers, 1,800 solana, and 8.54 million tether.
BigONE's Response Measures
In response, BigONE immediately isolated the breach route, implementing key measures such as securing hot wallet credentials and deploying security reserves to protect liquidity. Part of the losses may be offset by the company’s insurance fund built from previous profits.
The incident involving BigONE highlights the vulnerabilities of cryptocurrency exchanges and the urgent need for robust cybersecurity measures in the digital finance arena. The company emphasizes its determination to secure user assets and swiftly restore full trading functionality.
