BigONE Loses $27M in Hot Wallet Hack, Commits to User Compensation
Crypto exchange BigONE experienced a third-party attack on its hot wallet infrastructure, resulting in an estimated loss of $27 million. The incident was detected on July 16 after abnormal asset movements triggered alerts. All private keys remain secure, and the attack path has been identified and contained. BigONE is collaborating with blockchain security firm SlowMist to trace the attacker’s wallet addresses. Affected tokens include 120 BTC, 350 ETH, and millions of USDT, among others. BigONE has pledged to cover all losses using its internal security reserves and is securing external liquidity for other affected tokens. The attacker exploited vulnerabilities in the platform's production network, draining funds through compromised servers. Stolen assets were converted to WETH/ETH and laundered through intermediaries. The hack follows a $3.5 million exploit at Arcadia Finance, with over $2.47 billion lost to hacks in the first half of 2025.
