Bitcoin News Today: BigONE Loses $27 Million in Cryptocurrency Hack

BigONE, a prominent cryptocurrency exchange, confirmed a security breach on July 16, 2025, resulting in the loss of over $27 million in digital assets. The attack, traced to a supply chain vulnerability within the exchange’s production environment, allowed the attacker to manipulate server logic connected to account and risk control systems, facilitating unauthorized withdrawals. Despite the significant theft, no personal keys were compromised.

The stolen assets, which included 120 BTC, 23.3 million TRX, 1,272 ETH, and 2,625 SOL, were quickly converted into various cryptocurrencies. The wallets controlled by the attacker now hold millions in BTC, ETH, TRX, and SOL. BigONE responded swiftly by isolating the attack path and initiating internal emergency procedures. The platform also triggered its security reserve account to compensate users for their losses and continued to provide trading services without interruption.

Blockchain researcher ZachXBT raised concerns by linking BigONE to past scams, including pig butchering, love racket, and Ponzi schemes. These allegations have intensified scrutiny on the exchange’s activities and due diligence. The hack occurred at a time when centralized platforms are already under increased scrutiny for illicit flows. Certik Alerts reported major token outflows before the exchange revealed the hack, and investigators are monitoring the detected wallet addresses on Ethereum, Bitcoin, Tron, and Solana to reclaim the funds.

BigONE’s breach is part of a growing list of crypto exchange breaches this year, including significant losses at Bybit and Phemex. Additional incidents involving Cetus Protocol, Infini, and Moby have highlighted the vulnerabilities in using hot wallets and risk management. The frequency of such breaches underscores the need for continuous improvement in technical defenses and internal accountability within the cryptocurrency industry.

BigONE’s proactive measures, including activating internal security reserves and maintaining on-chain liquidity, demonstrate its commitment to safeguarding user funds. The exchange’s response to the attack serves as a reminder of the critical role that security plays in the cryptocurrency industry and the need for exchanges to remain vigilant against potential vulnerabilities. The incident has put pressure on exchanges to enhance their technical defenses and internal accountability, with investigations and recovery efforts ongoing.