BigONE Loses $27 Million in Hot Wallet Exploit

Crypto exchange BigONE has confirmed a significant security breach, with a hot wallet exploit resulting in a loss of $27 million on July 16. The exchange has assured users that all funds will be fully reimbursed, and that user balances remain secure. The incident was detected through abnormal movements tied to a third-party attack, which has since been contained. All private keys remain secure, and no additional losses are expected.

BigONE is collaborating with blockchain security firm SlowMist to trace the stolen assets. Fund tracing is already underway across multiple blockchains, including Bitcoin, Ethereum, Tron, Solana, and BNB Chain. The stolen tokens span across major and minor assets, including 120 BTC, 350 ETH, 9.5B SHIB, 7.1M USDT (multi-chain), 538,000 DOGE, 1,800 SOL, 1 WBTC, 20,730 XIN, 15.7M CELR, 25,487 UNI, and 16,071 LEO. BigONE plans to cover all losses using a combination of internal reserves and external borrowing to restore liquidity for niche tokens.

Deposits and trading are expected to resume within hours, but withdrawals will be delayed until further security reinforcements are complete. The exchange has emphasized its commitment to transparency, stating that all investigation progress and handling results will be communicated openly. The incident marks another major exchange hack in 2025, highlighting the ongoing challenges in the crypto industry's security landscape.

This breach underscores the vulnerabilities in hot wallets, which are more susceptible to attacks compared to cold storage solutions. The incident serves as a reminder for exchanges to continually enhance their security measures and for users to remain vigilant about the safety of their assets. BigONE's proactive response and commitment to full reimbursement demonstrate a responsible approach to handling security incidents, aiming to maintain user trust and confidence in the platform.