The cryptocurrency exchange BigONE faced a hacking attack resulting in an estimated user fund loss of around $27 million. The exchange is taking steps to reimburse the losses.
Confirmation of the Attack and Loss Amount
BigONE, a well-known global cryptocurrency exchange, has officially confirmed that it has fallen victim to a third-party attack. The estimated loss is around $27 million. While the exact details of the attack remain under investigation, the exchange has moved quickly to reassure users and stabilize the platform.
Security Reserves Activated
In response to the breach, BigONE has activated its internal security reserve funds. These reserves held in BTC, ETH, USDT, SOL, and XIN are intended for emergency situations like this. The exchange emphasized that the reserves are sufficient to fully cover all losses caused by the hack.
Rebuilding Trust After the Hack
Incidents like this raise serious concerns about the vulnerability of centralized exchanges. However, BigONE’s proactive stance in covering user losses may help preserve its reputation in the crypto community. The exchange has pledged full transparency going forward and plans to strengthen its cybersecurity framework.
Thus, the hacking incident has underscored the importance of cybersecurity for cryptocurrency exchanges. BigONE has stated its intention to actively work on enhancing protective measures to prevent similar situations in the future.
