$27 million gone, no private keys exposed: How the BigONE hack happened
Main Idea
The BigONE cryptocurrency exchange suffered a $27 million supply chain attack on July 16, 2025, where hackers exploited a third-party vulnerability to drain hot wallets without exposing private keys.
Key Points
1. BigONE confirmed the attack resulted in unauthorized withdrawals of $27 million from hot wallets, including assets like Shiba Inu and Tether USDt, but no private keys were compromised.
2. The hack involved targeting a BigONE developer to bypass internal security, allowing the transfer of funds followed by cleanup transactions totaling 102,000 USDC and 79,000 USDT.
3. Blockchain security firm SlowMist is investigating, with stolen funds traced across Ethereum, BNB Chain, Tron, Solana, and Bitcoin networks.
4. The attack highlights the growing sophistication of crypto supply chain attacks, with 2025 seeing other major hacks like CoinDCX ($44M), Arcadia Finance ($3.5M), and GMX ($40M).
5. The crypto insurance market has grown from $1.3 billion in 2023 to $4.2 billion in 2025, reflecting rising risks and premiums for exchanges.
Description
A sophisticated supply chain attack on Seychelles-based crypto exchange BigONE led to a $27 million theft from hot wallets, without exposing private keys.
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