-
BigONE exchange has suffered a significant security breach, resulting in the theft of over $27 million in cryptocurrency, swiftly converted into major tokens like Bitcoin, Ethereum, TRON, and Solana.
-
The incident has drawn sharp criticism from blockchain investigator ZachXBT, who associates BigONE with previous scam-related activities, intensifying scrutiny on the platform’s integrity.
-
Despite ongoing investigations tracking the stolen funds, BigONE has pledged to cover all losses from its reserves, temporarily suspending trading and deposits to enhance security measures.
BigONE exchange hacked for $27M; stolen assets converted to BTC, ETH, TRX, and SOL. ZachXBT links BigONE to scam activities. Exchange vows to cover losses and halt trading.
BigONE Exchange Suffers $27 Million Hack Amid Allegations of Scam Involvement
The cryptocurrency exchange BigONE recently experienced a major security breach, with hackers absconding with digital assets valued at over $27 million. According to blockchain analytics firm Lookonchain, the stolen funds were rapidly converted into prominent cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), TRON (TRX), and Solana (SOL). The hacker’s wallets currently hold approximately 120 BTC (valued at $14.15 million), 23.3 million TRX ($7 million), 1,272 ETH ($4 million), and 2,625 SOL ($428,000).
This breach was first detected by Certik Alerts, whose security team flagged substantial token outflows from BigONE’s hot wallet. The attacker’s ability to swiftly exchange stolen assets across multiple chains underscores the sophisticated nature of the exploit and the challenges faced in asset recovery.
Blockchain Investigator ZachXBT Highlights BigONE’s Controversial Past
Adding a layer of complexity to the incident, renowned blockchain investigator ZachXBT publicly criticized BigONE, linking the exchange to prior illicit activities. ZachXBT asserted that BigONE had processed significant transaction volumes associated with “pig butchering,” romance scams, and fraudulent investment schemes. This association has fueled skepticism about the platform’s commitment to compliance and user protection, raising broader concerns about centralized exchanges’ roles in facilitating illicit transactions.
BigONE Commits to Full Compensation and Security Enhancements
In response to the breach, BigONE has assured users that all customer assets remain secure, as the attack targeted only the exchange’s hot wallet. The company has taken immediate action by suspending trading and deposits to prevent further risks while implementing enhanced security protocols.
BigONE has publicly committed to covering all losses incurred from its own reserves, signaling a strong stance on protecting its user base despite the reputational damage. The exchange plans to resume withdrawals only after completing comprehensive security upgrades, aiming to restore user confidence and operational stability.
Ongoing Investigations and Industry Implications
Authorities and blockchain forensic teams continue to monitor the movement of stolen funds across various platforms, attempting to trace and potentially recover the assets. This incident adds to a growing list of centralized exchange hacks, emphasizing the persistent vulnerabilities in crypto infrastructure and the critical need for robust security frameworks.
Industry experts suggest that exchanges must prioritize transparent security audits and proactive risk management to mitigate future breaches. The BigONE hack serves as a cautionary tale for both investors and operators, highlighting the importance of due diligence and regulatory compliance in the evolving crypto landscape.
Conclusion
The BigONE hack, involving a substantial $27 million theft and subsequent conversion into major cryptocurrencies, underscores ongoing security challenges within centralized exchanges. While the exchange’s commitment to cover losses offers some reassurance, the incident invites renewed scrutiny of BigONE’s operational history and broader industry practices. Moving forward, enhanced security measures and transparent governance will be essential to safeguarding user assets and maintaining trust in the crypto ecosystem.
