.png)
Another day, another centralized exchange hack, this time it’s BigONE, the Seychelles-based crypto exchange, which has confirmed a $27 million security breach following abnormal activity in one of its hot wallets.
The incident, which took place in the early hours of July 16, led to the loss of several major assets, including Bitcoin, Ethereum, Solana, and stablecoins like USDT, across multiple chains.
Details of the exploit and response
BigONE’s investigation revealed that the exploit originated from a supply chain attack targeting its production environment.
Blockchain security firm SlowMist flagged the issue first, explaining that the attacker managed to alter the operating logic of risk control and account-related servers.
This allowed funds to be withdrawn, even though private keys, often the primary target in wallet hacks, were reportedly not compromised.
In total, the attacker siphoned off 120 BTC, 350 ETH, 1,800 SOL, and roughly 8.54 million USDT, along with additional funds in DOGE, SHIB, and CELR.
BigONE confirmed it has now identified the attack vector and patched the vulnerability. The team says it’s working alongside SlowMist to track the attacker and monitor the flow of stolen funds.
To calm user nerves, the exchange also stated it will fully compensate all losses from the breach and has already activated internal reserves to restore liquidity.
Trading and deposit functions are expected to resume shortly.
Community reaction and scrutiny
Not everyone in the community is offering sympathy.
Onchain investigator ZachXBT took to X, claiming BigONE has historically processed suspicious volumes tied to scams like “pig butchering” and investment frauds. “I do not feel bad for the team,” he said, calling out the exchange’s past transaction history.
BigONE, which launched in 2017 and was originally based in China, reportedly handled over $650 million in trading volume over the past 24 hours, per CoinGecko.
