The cryptocurrency exchange BigONE has suffered a significant cyber attack, resulting in a theft of $27 million. This article explores the details of the incident and the exchange's response.
Details of the Hack
In the early hours of July 16, the Seychelles-based exchange BigONE was subjected to a cyber attack that resulted in approximately $27 million stolen from its hot wallet. According to the blockchain security firm SlowMist, the hackers employed a sophisticated technique known as a supply chain attack, inserting malicious code into the exchange’s production network, enabling automatic withdrawals without accessing private keys.
BigONE's Security Measures
Following the attack, BigONE quickly isolated the attack path and took immediate actions to secure hot wallet keys and activate internal security reserves to protect its liquidity pools. A portion of the loss will be covered by its insurance fund, which has been accumulated from operational profits over time.
Market Reaction
Despite the incident, BigONE is now working to reopen deposit and trading services within a few hours. Meanwhile, blockchain tracking continues to monitor the movement. Blockchain data researcher ZachXBT commented on the situation, alleging that BigONE’s wallets had been involved in facilitating high-volume transactions linked to romantic scams, expressing indifference to the loss.
The cyber attack on BigONE marks a significant incident in the crypto industry, highlighting the importance of security and the need for protection in cryptocurrency platforms. The exchange's response and measures taken for recovery will be crucial for its users and the market as a whole.
