BigONE Loses $27 Million in Hot Wallet Hack

BigONE, a prominent cryptocurrency exchange, recently faced a significant security breach resulting in a loss of approximately $27 million. The incident involved a third-party attack on the exchange's hot wallet, affecting multiple major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB). This event underscores the persistent vulnerabilities in exchange security protocols, particularly those related to hot wallets, which are more susceptible to attacks due to their online connectivity.

BigONE has taken immediate action to contain the attack and is actively collaborating with cybersecurity firm SlowMist to recover the stolen funds. SlowMist's involvement is crucial in tracing the transaction flows and identifying potential laundering attempts. The exchange has committed to covering all losses from its internal reserves, aiming to maintain customer trust and market stability. This proactive approach highlights the importance of robust security frameworks and proactive risk management in the crypto exchange ecosystem.

The BigONE hack is part of a broader trend of high-profile cryptocurrency exchange breaches in 2025. Earlier this year, Bybit experienced a massive security breach resulting in losses of approximately $1.5 billion, with investigations attributing the attack to North Korean threat actors. Similarly, Phemex reported $85 million drained from its hot wallets across multiple blockchains in January. Other significant incidents include the Cetus Protocol hack, which saw $225 million stolen, alongside Infini and Moby, which lost $49 million and $2.5 million respectively. These breaches emphasize the critical need for enhanced cybersecurity measures and regulatory oversight within the crypto industry.

The recurrence of large-scale hacks in 2025 has intensified scrutiny on exchange security protocols, particularly concerning hot wallet management and third-party integrations. Industry experts advocate for the adoption of multi-layered security strategies, including cold storage solutions, multi-signature wallets, and continuous security audits. For investors, these incidents serve as a reminder to exercise caution and prioritize platforms with transparent security practices. The BigONE breach, while significant, also demonstrates a positive trend where exchanges take responsibility for losses and collaborate with cybersecurity firms to mitigate damage, potentially setting a precedent for future incident responses.

The $27 million hot wallet hack at BigONE highlights ongoing vulnerabilities within cryptocurrency exchanges, especially regarding third-party security dependencies. While the exchange’s swift containment and commitment to cover losses provide some reassurance, the incident reinforces the necessity for robust security frameworks and vigilant monitoring. As 2025 continues to witness major crypto breaches, stakeholders must prioritize enhanced cybersecurity measures to safeguard digital assets and maintain investor confidence in the evolving crypto market.