- Hacker targets BigONE exchange’s hot wallet.
- Volume of stolen assets total $27M.
- Supply chain attack identified as breach source.
BigONE, a centralized cryptocurrency exchange, faced a security breach leading to a $27 million loss. The attack targeted its hot wallet, and stolen assets were exchanged primarily for BTC and TRX. The platform’s services were temporarily halted.
The incident underscores significant security concerns in the crypto exchange landscape. It highlights the vulnerability linked to supply chain dependencies and the urgent need for comprehensive security audits of backend systems and full tech stacks.
Details of the Breach
BigONE exchange suffered a major breach involving the loss of $27 million in various cryptocurrencies. The attack, identified as a supply chain vulnerability, was confirmed by the security firm SlowMist. “The incident traced back to a supply chain compromise; notably, private keys were not exposed.” The exploit avoided revealing private keys, setting it apart from typical hot wallet hacks.
The breach affected the exchange’s hot wallet, with stolen assets being traded off for cryptocurrencies such as BTC and TRX. BigONE stated that user assets remain safe and assured coverage of the financial loss through its internal reserves. The incident resulted in a temporary halt of deposits, withdrawals, and trading.
The attack had immediate ramifications on BigONE operations. Trading and deposits resumed a few hours post-incident, although withdrawals are still suspended for security upgrades. This move aims to preserve user trust and ensure asset protection against future breaches.
Industry Insight and Response
The hack may lead to heightened vigilance on crypto exchange security protocols. As highlighted by industry experts, such incidents emphasize the need for systemic audits and comprehensive stack reviews.
“All user assets are safe. BigONE will fully bear all the losses. Trading and deposits will resume soon; withdrawals after added security upgrades.” – BigONE Exchange Official Statement Read more
The supply chain attack highlighted common weaknesses, demanding robust technological infrastructure.
Historical trends reveal that exchange attacks frequently involve major assets like BTC, ETH, and USDT. The industry might see increased regulatory focus and demands for stringent supply chain security measures to bolster user confidence and protect future transactions.
