On July 16, 2025, one of the largest cryptocurrency exchanges, BigONE, announced a security breach after experiencing abnormal activity on its hot wallet systems. A warning from real-time monitoring facilities confirmed a third-party attack on the platform. The total amount lost as a result of the breach was approximately $27 million.
The exchange reported that all private keys are safe and has already isolated the source of the attack to prevent similar events from occurring. BigONE is collaborating with blockchain security company SlowMist to track the stolen assets. Several cryptocurrencies were involved in the attacks, including 120 Bitcoin, 350 Ether, and millions of USDT on various chains, along with CELR, SNT, and SHIB tokens.
After the BigONE hack, the crypto exchange promised to pay all its users' funds through its security funds. Such assets are Bitcoin, Ethereum, USDt, Solana, and Mixin. This exchange will also increase liquidity by borrowing to replenish user balances that have been impacted elsewhere by other tokens not held in reserves.
According to a report released by Cyvers, a blockchain security company, the attacker likely entered via hacked CI/CD lines or server administration. The cybercriminal placed malicious binaries and bypassed crucial risk-control mechanisms before stealing valuable digital resources. The hacker withdrew several hundred ETH into various networks and successfully consolidated the funds into an external wallet.
Those commenting on the security incident identified several weaknesses, including single points of failure in wallet management, inadequate code integrity checks, pre-transaction failures, and weak segregation of system elements. Consequently, Cyvers learned that stolen resources were immediately transferred into WETH and passed through new mediators, indicating an intention to conceal the source, and then used on decentralized exchanges.
Yehor Rudytsia, an on-chain security researcher at Hacken, said that both security measures should be improved within CI/CD pipelines and Automated Incident Response protocols. According to him, these are some of the measures required to block such violations and preserve the digital assets.
The BigONE hack is yet another addition to an increasingly long list of crypto-related hacks. The losses incurred due to cyberattacks, scams, and exploits exceeded $2.47 billion in 2025 alone, compared to the previous year's losses, and they are projected to be higher in the upcoming year.
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