In a startling revelation on July 16, BigONE, a prominent cryptocurrency exchange, disclosed a significant $27 million breach, citing a hot wallet exploit as the culprit. The exchange, however, reassured its users that all affected funds would be fully compensated.
Unpacking the Breach
BigONE’s official statement highlighted the detection of “abnormal movements” linked to a third-party attack that occurred earlier today. The exchange emphasized that it had swiftly identified and contained the threat vector, ensuring the security of all private keys and averting further losses. To unravel the complex web of stolen assets, BigONE has teamed up with blockchain security firm SlowMist, engaging in a comprehensive fund-tracing operation. This collaboration spans across major blockchain networks, such as Bitcoin, Ethereum, Tron, Solana, and the BNB Chain. This incident echoes the recent Crypto Exchange GMX Drained of Bitcoin, Ethereum in $40 Million Exploit, highlighting a concerning trend of vulnerabilities within crypto exchanges.
The breach resulted in the pilfering of a diverse array of tokens, including 120 BTC, 350 ETH, 9.5 billion SHIB, 7.1 million USDT, 538,000 DOGE, 1,800 SOL, 1 WBTC, 20,730 XIN, 15.7 million CELR, 25,487 UNI, and 16,071 LEO. Despite the breadth of the theft, BigONE reassured its users that their balances remain unaffected. In a show of resilience, the exchange vowed to restore all lost funds using a blend of internal reserves and external borrowing to cover liquidity for niche tokens.
Reassurance Amidst Turmoil
While the incident adds to a growing list of 2025’s exchange hacks, pushing total crypto exploit losses beyond a staggering $2.1 billion for the year, BigONE is determined to turn the tide. Deposits and trading activities are anticipated to resume within hours, although withdrawals will face a temporary delay pending further security enhancements.
In an attempt to maintain trust and transparency, BigONE issued a heartfelt apology to its user base, promising full disclosure of investigation progress and outcomes. “We sincerely apologize for the impact this incident may have caused,” the team expressed, underscoring their commitment to open communication.
A Glimpse Back and Forward
This breach is yet another testament to the vulnerabilities that continue to plague the cryptocurrency landscape. Earlier this year, reports from security firm Certik indicated that crypto investors suffered losses exceeding $2.5 billion due to hacks and scams in just the first half of 2025. Such incidents raise pressing questions about the industry’s ability to safeguard digital assets amidst an evolving threat landscape. A similar concern was raised when Hackers Target Bitcoin Wallet Holding Billions Swiped From Mt. Gox, underscoring the ongoing risks faced by major crypto holders.
As the dust settles, the crypto community awaits BigONE’s next moves. Key will be the implementation of enhanced security measures to prevent similar incidents in the future. Additionally, the efficacy of their collaboration with SlowMist will be closely watched, as the exchange endeavors to recover the stolen assets.
The road ahead is fraught with challenges, but BigONE’s swift response and commitment to user protection offer a sliver of hope in an otherwise tumultuous period for the crypto market. Whether this incident will serve as a catalyst for broader industry reform remains to be seen, but it undoubtedly highlights the urgent need for robust security protocols and vigilant oversight in safeguarding the burgeoning world of digital currencies.
Source
This article is based on: Crypto Exchange BigONE Confirms $27M Hack, Vows Full User Compensation
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
