BigONE Exchange’s $27M Hack and USDT Stability Concerns

On July 16, 2025, BigONE Exchange suffered a significant security breach resulting in a $27 million loss due to a hot wallet exploit. The exchange has promptly addressed the incident, attributing it to a third-party vulnerability, and has assured users that all lost funds will be fully reimbursed using internal reserves and external borrowing. Blockchain security firm SlowMist is actively assisting in tracking the stolen assets across multiple blockchains, including Bitcoin, Ethereum, Tron, and Solana. This incident highlights the ongoing risks in the crypto space but also demonstrates the resilience of exchanges in safeguarding user assets. The swift response and commitment to reimbursement may bolster confidence in USDT and other stablecoins as safe havens during such disruptions.

BigONE Exchange Confirms $27M Hack, Pledges Full User Reimbursement

Crypto exchange BigONE has disclosed a $27 million security breach resulting from a hot wallet exploit on July 16. The platform assures users that all lost funds will be fully compensated using internal reserves and external borrowing.

The attack, attributed to a third-party vulnerability, was swiftly contained. Blockchain security firm SlowMist is assisting in tracking stolen assets across Bitcoin, Ethereum, Tron, Solana, and BNB Chain networks.

Compromised assets include significant quantities of major and niche tokens: 120 BTC, 350 ETH, 9.5B SHIB, 7.1M USDT, and various others. Trading operations will resume shortly, though withdrawals remain suspended pending security enhancements.

This incident contributes to 2025's growing tally of exchange hacks, pushing cumulative crypto theft losses beyond $2.1 billion. BigONE maintains all private keys remain secure and promises transparent communication throughout the investigation.

BigONE Exchange Loses $27 Million in Sophisticated Supply Chain Hack

Seychelles-based cryptocurrency exchange BigONE suffered a $27 million breach in the early hours of July 16, with attackers exploiting a supply chain vulnerability to drain hot wallets. The heist involved 120 BTC, 350 ETH, 1,800 SOL, and 8.54 million USDT among other assets including DOGE and SHIB.

Blockchain sleuths at SlowMist traced the attack to malicious code injected via third-party updates—a technique that bypassed private key safeguards. Despite BigONE's systems flagging anomalous withdrawals within minutes, cross-chain transactions across four networks compounded losses.

The exchange has activated emergency protocols, isolating attack vectors and tapping security reserves. User compensation plans are underway, though the incident underscores persistent vulnerabilities in crypto custodianship even among established platforms.

Tether Mints $2 Billion USDT on Ethereum, Sends $1 Billion to Binance

Tether Treasury executed two ethereum transactions on July 16, 2025, minting 2 billion USDT—the largest single issuance this year. Binance received an immediate $1 billion deposit, signaling potential liquidity influx ahead of anticipated market activity.

This follows three previous $1 billion mints in 2024, historically preceding significant price movements. Arkham Intelligence confirms the circulating supply now exceeds $159 billion, reinforcing USDT's dominance as the crypto sector's most traded stablecoin.

Exchange-bound stablecoin injections often precede volatile trading periods. Market participants now watch for institutional positioning and margin activity, particularly on Binance where the funds were deployed.