Cryptocurrency exchange BigONE has reported a security breach impacting its hot wallet infrastructure, resulting in losses estimated at approximately $27 million. The stolen assets include 120 BTC, 350 ETH (approximately $1.1 million), USDT, and various altcoins such as CELR, SNT, and SHIB.
In response to the incident, BigONE has committed to fully compensating affected users. The exchange stated it will utilize its internal reserves, primarily consisting of BTC, ETH, USDT, SOL, and XIN, to cover losses. For tokens not held in sufficient reserve, BigONE is actively securing external market liquidity to ensure complete restitution.
To trace the stolen funds and bolster its security posture, BigONE is collaborating with cybersecurity firms SlowMist and Cyvers. Initial investigations indicate parts of the stolen funds were converted to other assets, including WETH, potentially to obscure their movement.
This breach underscores ongoing vulnerabilities within the crypto exchange sector. Industry data indicates the first half of the year saw over $2.47 billion lost through hacks, scams, and exploits, marking a 3% increase year-over-year. The BigONE incident follows closely after a separate $3.5 million exploit targeting Arcadia, heightening concerns about the robustness of exchange security measures and operational protocols.