BigONE Hacked: Hacker Steals Over $27 Million Worth of Crypto

The post BigONE Hacked: Hacker Steals Over $27 Million Worth of Crypto appeared first on Coinpedia Fintech News

A major crypto exchange has just faced one of its worst nightmares. Singapore-based cryptocurrency exchange BigONE was hit by a stealthy supply chain attack that allowed hackers to bypass its defenses without ever needing private keys. 

With over $27 million in assets drained, security teams are now racing to track the stolen funds. 

Here’s what happened.

How The Hack Happened?

According to an official statement from BigONE, the attack targeted its production network, compromising key servers responsible for account management and risk control. This allowed hackers to withdraw crypto assets, even though no private keys were stolen.

The total loss is estimated at over $27 million, with funds taken from multiple wallet addresses.

Blockchain security firm SlowMist, which is now helping track the attacker, confirmed that the breach was the result of a supply chain attack, one of the most dangerous and stealthy forms of cyber intrusion in the crypto space.

This means the hacker didn’t need to steal private keys (the passwords for crypto wallets). Instead, they found a weakness in the exchange’s systems and used it to access the hot wallet directly.

Suspicious Wallet Movements Detected

Tracking the movement of the wallet, blockchain security firm CertiK Alert first noticed strange activity from wallet address 0xd4d…d93f. This wallet was used to move out stolen tokens linked to the BigONE exchange hack.

Later, the stolen assets were sent to another wallet, 0x0a3…05f4f, which now holds around $4 million in Ethereum (ETH) and many other tokens.

The hacker didn’t just take ETH. The outflows also included SHIBA INU, CelerToken, and several small altcoins. This mix of assets makes the investigation more complex.

Quick Action and Compensation Plan

Soon after detecting suspicious activity in the hot wallet, BigONE’s team moved fast to contain the situation. BigONE has responded by saying they will cover any losses faced by users.

For the time being, the attack path has been blocked, and further losses have been prevented. The platform reassured users that their private keys remain safe and intact.

They are also doing a full review to improve their system’s safety before turning everything back on.

Should I withdraw from BigONE?

Following the recent security breach, BigONE has temporarily paused deposits, withdrawals, and trading services. The platform is currently working to restore its systems. Once that’s complete and new safety measures are in place, withdrawals will reopen.

For now, users can’t withdraw funds, but BigONE has promised that all user losses will be fully covered and that funds remain safe.