BigONE Hit by $27M Hack as BTC, ETH, TRX, SOL Stolen

In a major security incident, crypto exchange BigONE suffered a $27 million hack on July 16. This incident took place just hours after completing a system-wide upgrade. The attack targeted the platform’s hot wallet, sparking concern across the crypto community. This raises fresh questions about centralized exchange security.

Hack Follows Scheduled Maintenance

The timing couldn’t have been worse. At 1 AM on July 16, BigONE announced scheduled maintenance, assuring users that “assets will be well secure.” Less than 10 hours later, the exchange admitted to a security breach involving unauthorized withdrawals of major cryptocurrencies.

According to on-chain data flagged by Lookonchain, the attacker converted stolen assets into:

• 120 BTC (~$14.15M)
• 23.3M TRX (~$7.01M)
• 1,272 ETH (~$4M)
• 2,625 SOL (~$428K)

Investigators traced the transfers across multiple wallets in what appears to be a laundering effort.

Exchange Pledges Full Reimbursement

BigONE responded quickly, confirming that user funds remain safe and that the platform would absorb the full loss using its internal reserves. These include holdings in BTC, ETH, USDT, SOL, and native token XIN.

“We have contained the attack path. No further losses will occur. We’re working to fully replenish affected assets,” said the BigONE team in an official statement. BigONE will re-enable withdrawals only after completing added security upgrades, while trading and deposits should resume within hours.

Forensics in Progress

Blockchain security firm SlowMist is now assisting BigONE in tracking the stolen funds and identifying the attacker’s wallets. The team confirmed that private keys remain secure and that no user credentials were compromised.

While BigONE hack has not disclosed all affected assets, this reportedly involved stablecoins and high-profile altcoins like SHIB, DOGE, and UNI. The exchange is also sourcing liquidity externally to restore minor tokens not covered by reserves.

BigONE’s Security Playbook in Action

This breach underscores a recurring issue in crypto exchange upgrades often coincide with vulnerabilities. Whether due to overlooked bugs or security gaps during transitions. While BigONE’s transparent communication and full compensation pledge are commendable. Users are again reminded of the risks inherent in storing assets on centralized platforms.

Key takeaway? Even with security protocols in place, hot wallets remain prime targets, and updates don’t always mean safer systems. BigONE has promised further transparency as the investigation continues. For now, users are advised to monitor their accounts but remain assured that losses will be covered.