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BigONE cryptocurrency exchange has suffered a significant security breach, resulting in a $27 million loss due to a third-party attack on its hot wallet.
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The incident affected multiple major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB), highlighting vulnerabilities in exchange security protocols.
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According to security firm SlowMist, BigONE has contained the attack and is actively collaborating to recover stolen funds, while committing to cover all losses from its internal reserves.
BigONE exchange loses $27M in hot wallet hack; key cryptocurrencies affected. SlowMist aids recovery as BigONE pledges full compensation and enhanced security.
BigONE Hot Wallet Hack: A $27 Million Security Breach Impacting Major Cryptocurrencies
In a recent cybersecurity incident, BigONE, a cryptocurrency exchange known for offering access to over 180 digital assets, reported a loss of approximately $27 million following a sophisticated third-party attack targeting its hot wallet infrastructure. The breach was identified after the platform detected abnormal asset movements earlier in the day, prompting immediate containment measures. The affected cryptocurrencies include industry leaders such as Bitcoin (BTC) and Ethereum (ETH), alongside Solana (SOL) and popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB). This event underscores the persistent challenges exchanges face in securing hot wallets, which are inherently more vulnerable due to their online connectivity.
Collaboration with SlowMist and Commitment to User Protection
BigONE has partnered with cybersecurity firm SlowMist to trace and recover the stolen funds, leveraging advanced blockchain analytics and threat intelligence. SlowMist’s involvement is critical in mapping the transaction flows and identifying potential laundering attempts. Meanwhile, BigONE has assured its users that all losses will be fully compensated through its internal security reserves, a move aimed at maintaining customer trust and market stability. The exchange also confirmed that the attack vector has been contained, preventing further unauthorized withdrawals. This incident highlights the importance of robust security frameworks and proactive risk management in the crypto exchange ecosystem.
Contextualizing BigONE’s Breach Within 2025’s Crypto Security Landscape
The BigONE hack adds to a growing list of high-profile cryptocurrency exchange breaches in 2025, reflecting an ongoing trend of sophisticated cyberattacks targeting digital asset platforms. Earlier this year, Bybit experienced a massive security breach resulting in losses of approximately $1.5 billion, with investigations attributing the attack to North Korean threat actors. Similarly, Phemex reported $85 million drained from its hot wallets across multiple blockchains in January. Other significant incidents include the Cetus Protocol hack, which saw $225 million stolen, alongside Infini and Moby, which lost $49 million and $2.5 million respectively. Collectively, these breaches emphasize the critical need for enhanced cybersecurity measures and regulatory oversight within the crypto industry.
Implications for Exchange Security and Investor Confidence
The recurrence of large-scale hacks in 2025 has intensified scrutiny on exchange security protocols, particularly concerning hot wallet management and third-party integrations. Industry experts advocate for the adoption of multi-layered security strategies, including cold storage solutions, multi-signature wallets, and continuous security audits. For investors, these incidents serve as a reminder to exercise caution and prioritize platforms with transparent security practices. The BigONE breach, while significant, also demonstrates a positive trend where exchanges take responsibility for losses and collaborate with cybersecurity firms to mitigate damage, potentially setting a precedent for future incident responses.
Conclusion
The $27 million hot wallet hack at BigONE highlights ongoing vulnerabilities within cryptocurrency exchanges, especially regarding third-party security dependencies. While the exchange’s swift containment and commitment to cover losses provide some reassurance, the incident reinforces the necessity for robust security frameworks and vigilant monitoring. As 2025 continues to witness major crypto breaches, stakeholders must prioritize enhanced cybersecurity measures to safeguard digital assets and maintain investor confidence in the evolving crypto market.
