BREAKING: Cyber Criminals Drain $27M from BigONE Exchange—Hot Wallet Heist Exposes Crypto’s Achilles’ Heel

Another day, another crypto exchange gets raided. This time, BigONE's hot wallet got picked clean—$27 million vanished faster than a Bitcoin maximalist's patience during an altseason.

How the Hell Did This Happen?

Same old story: hackers bypassed security like a hot knife through institutional-grade butter. No fancy zero-day exploits—just good old-fashioned infrastructure gaps getting exploited. The blockchain doesn’t lie, but good luck getting your coins back.

The Aftermath: Trust Falls Harder Than Bitcoin in a Bear Market

Exchanges keep promising 'military-grade security' while storing digital gold in what amounts to a spreadsheet with a padlock. Meanwhile, decentralized wallets smirk from the sidelines. Maybe next time, keep your funds somewhere that doesn’t scream 'hack me' to every script kiddie with a VPN.

Final thought: If Wall Street pulled this crap, the SEC would nuke them from orbit. In crypto? Just another Tuesday—and another 27 million reasons to self-custody.

Details of the $27 Million Hack Attack

Blockchain security firm SlowMist disclosed that the hackers employed a sophisticated technique known as a supply chain attack. According to SlowMist, the attackers inserted malicious code into the exchange’s production network, enabling them to execute automatic withdrawals without accessing the private keys. This method infiltrates the system through third-party updates, thereby bypassing traditional security measures.

Although BigONE’s monitoring systems detected the anomaly within minutes, the losses still surged to $27 million as the transactions spanned four separate networks. The breach also affected eight other cryptocurrencies, including DOGE, SHIB, and CELR.

BigONE Implements Full Security Measures

Following the breach, BigONE quickly isolated the attack path. It took immediate actions such as securing hot wallet keys and activating internal security reserves to protect its liquidity pools. A portion of the loss will be covered by its insurance fund, which has been amassed from operational profits over time.

According to Bitdegree, BigONE, with a weekly transaction volume of $467.2 billion, is now working towards reopening deposit and trading services within a few hours. Meanwhile, Blockchain tracking continues to monitor the movements. Blockchain data researcher ZachXBT remarked on the situation, alleging that BigONE’s wallets have been involved in facilitating high-volume transactions linked to romantic scams, expressing indifference to the loss.