BigONE Reports Possible $27 Million Loss in Hot Wallet Attack Involving Bitcoin and Other Tokens
2025-07-16 08:16:28
Main Idea
BigONE exchange suffered a $27 million hot wallet hack, prompting the exchange to pledge full coverage of losses and collaborate with security firms to recover funds and enhance defenses.
Key Points
1. BigONE's hot wallet breach involved losses of 350 ETH (~$1.1M), 120 BTC, USDT, and altcoins like CELR, SNT, and SHIB, with funds converted to WETH to obscure the trail.
2. The exchange committed to covering all user losses using internal reserves (BTC, ETH, USDT, SOL, XIN) and securing external liquidity for tokens not in reserves.
3. BigONE is collaborating with security firms SlowMist and Cyvers to trace stolen funds and improve security measures.
4. The hack reflects broader crypto exchange vulnerabilities, with H1 2025 seeing over $2.47B in losses from hacks, scams, and exploits—a 3% YoY increase.
5. The incident follows a $3.5M exploit at Arcadia, highlighting growing concerns over exchange security and the need for stronger operational protocols.
Description
BigONE crypto exchange has confirmed a significant $27 million loss following a sophisticated third-party attack on its hot wallet infrastructure, raising critical concerns about exchange security. The breach exploited vulnerabilities
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