Bitcoin News Today: BigONE Loses $27 Million in Hot Wallet Attack

BigONE, a prominent crypto exchange, has confirmed a substantial loss of $27 million following a sophisticated attack on its hot wallet infrastructure. This incident has raised significant concerns about the security measures in place at centralized exchanges. The breach involved the unauthorized withdrawal of multiple cryptocurrencies, including Bitcoin, Ether, and USDT, across various blockchain networks. The attack exploited vulnerabilities in BigONE’s production network, highlighting the persistent risks associated with hot wallet management.

The attacker leveraged compromised CI/CD pipelines and server management channels to bypass critical risk controls, enabling the unauthorized withdrawal of assets. This method underscores the importance of robust operational security protocols and segmented network architectures to mitigate single points of failure. BigONE’s real-time monitoring systems were crucial in detecting the breach swiftly, which helped limit the scope of the attack. However, the incident reveals systemic vulnerabilities that require urgent remediation.

According to the analysis by blockchain security firm Cyvers, the attacker deployed malicious binaries targeting account-operation servers, initiating the theft with 350 ETH valued at approximately $1.1 million. The exploit rapidly escalated to include 120 BTC, millions of USDT, and various altcoins such as CELR, SNT, and SHIB. The stolen assets were consolidated into a single external wallet and converted into Wrapped Ether (WETH), signaling an intent to obfuscate the trail through decentralized exchanges or mixers. This sophisticated laundering approach complicates recovery efforts and highlights evolving tactics in crypto theft.

In response to the breach, BigONE has committed to fully covering all losses to safeguard user assets. The exchange is activating internal reserves comprising BTC, ETH, USDT, SOL, and XIN. Additionally, BigONE is securing external liquidity through borrowing mechanisms to replenish affected tokens beyond its reserves. This proactive stance aims to maintain user trust and platform stability amid growing concerns over exchange security. Collaboration with SlowMist and Cyvers further enhances BigONE’s capacity to trace stolen funds and strengthen its security posture.

The BigONE hack is part of a broader trend of escalating crypto exchange vulnerabilities. The first half of 2025 witnessed over $2.47 billion in losses due to hacks, scams, and exploits—a near 3% increase from the previous year. Notably, this incident follows a $3.5 million exploit at Arcadia Finance, illustrating the persistent threat landscape across both centralized and decentralized platforms. These events emphasize the necessity for continuous innovation in security frameworks, regulatory oversight, and user education to mitigate risks in the rapidly evolving crypto ecosystem.

The BigONE hot wallet breach serves as a stark reminder of the critical need for enhanced security measures within crypto exchanges. While BigONE’s commitment to covering losses and collaborating with security experts is commendable, the incident highlights systemic vulnerabilities that must be addressed industry-wide. Strengthening operational protocols, improving network segmentation, and adopting advanced monitoring tools are essential steps to protect user assets and maintain confidence in the crypto market’s integrity.