Crypto exchange BigONE has confirmed a breach resulting in over $27 million stolen. The platform's security faces new challenges following this incident.
Details of the Hack
BigONE has confirmed a hack that resulted in the theft of over $27 million. According to SlowMist, the attack was linked to a supply chain vulnerability. The attacker manipulated server logic to allow unauthorized withdrawals. Despite the significant loss, it was reported that no personal keys were compromised.
Allegations and Suspicions
Blockchain researcher ZachXBT has raised concerns regarding BigONE's past involvement in fraudulent schemes. While the hack raises alarms, it adds to the scrutiny over the platform's operations and historical practices. Moreover, significant token outflows were detected prior to the official announcement of the breach.
Intensifying Security Concerns
The BigONE breach is part of a growing number of security incidents in the crypto industry this year. Major hacks have occurred at other exchanges, including Bybit and Phemex. These incidents highlight the need for improved security measures among crypto exchanges and increased internal accountability.
The $27 million breach at BigONE pressures exchanges to rethink their technical defenses and internal accountability. Potential risks remain high, and efforts for investigation and fund recovery are ongoing.
