BigONE’s $27M Hot Wallet Heist: A Tale of Woe and Redemption

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  • BigONE, the crypto exchange, has been plundered to the tune of 27M through a hot wallet, yet vows to make all users whole again.
  • The malevolent actor exploited the server logic, but the sacred private keys remain untouched and secure.

On the fateful day of July 16, the Seychelles-based crypto exchange, BigONE, found itself ensnared in a web of deceit and treachery, as it reported a significant security breach. The platform, which had been basking in the glow of technological prowess, was suddenly thrust into the shadows of suspicion and loss, with an estimated 27 million dollars vanishing into the ether. 🌌

Despite the substantial sum that slipped through their fingers, BigONE assured its loyal patrons that all private keys have been secured, and the breach has been contained to prevent further calamity. The exchange is now in league with the esteemed blockchain security firm, SlowMist, to track the stolen cryptocurrency across various blockchains, including Ethereum, Bitcoin, Solana, Tron, and Binance Smart Chain. 🛡️

Attack Details and Tokens Involved

The attack, a masterful stroke of villainy, exploited the production network of the exchange by employing a supply chain attack to alter the business logic on the servers that managed account and risk controls. This allowed the unauthorized withdrawal of funds without the need to lay hands on any private keys. SlowMist, in their wisdom, described the assault as a compromise of the operating logic rather than a breach of personal credentials. 🤔

Tokens lost during the breach include:

120 BTC

350 ETH

Over 9.5 billion SHIB

Approximately 7.1 million USDT across various blockchains

538,000 DOGE

1,800 SOL

20,730 XIN

15.7 million CELR

In addition, there are SNT, LEO, UNI, WBTC, and CELR. 🪙

Source – X SlowMist_Team

The attacker, with the cunning of a fox, has transferred funds to a number of addresses that SlowMist is now keeping a watchful eye on:

Ethereum & Binance Smart Chain:0x9Bf7a4dDcA405929dba1FBB136F764F5892A8a7a

Solana: HSr1FNv266zCnVtUdZhfYrhgWx1a4LNEpMPDymQzPg4R

Bitcoin: bc1qwxm53zya6cuflxhcxy84t4c4wrmgrwqzd07jxm

Tron: TKKGH8bwmEEvyp3QkzDCbK61EwCHXdo17c

Recovery Steps and User Assurance

To restore the balance of the affected users, BigONE has tapped into its internal security reserves of BTC, ETH, USDT, SOL, and XIN. For tokens not covered by these reserves, the exchange is seeking external liquidity through borrowing systems to stabilize the wallet as swiftly as possible. 🚀

The deposit and trading functions will be reactivated in a matter of hours, but the withdrawal services will remain suspended until the fortress of security is deemed impenetrable once more. BigONE has pledged to fully compensate all losses, ensuring that no user will suffer material impairment as a result of this unfortunate incident. 🤝

The exchange stated:

“We are truly sorry for the inconvenience this happenstance has caused and will conduct ourselves with complete transparency during the investigation and recovery process.”

Wider Implications for Crypto Security

This event serves as a stark reminder of the vulnerabilities that persist in hot wallet systems, which are the lifeblood of centralized exchanges. While hot wallets offer the convenience of swift transactions, they also present a greater risk of attack compared to the more secure cold storage options. This hacking incident underscores the critical importance of robust risk management systems and the ongoing need for heightened security measures within the cryptocurrency realm. 🛡️

Industry observers note that even in 2025, the year has not been without its share of security breaches on transaction platforms, with cumulative losses exceeding USD 2 billion. However, the swift identification, containment, and the promise of full compensation by BigONE demonstrate a proactive approach to crisis management, aimed at maintaining user confidence and the integrity of the platform. 🌟

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2025-07-16 19:54