Security Breach at Seychelles-Based Cryptocurrency Exchange! Millions Stolen from Hot Wallet! Details Here

Seychelles-based cryptocurrency exchange BigONE announced that it lost $27 million worth of digital assets following a security breach in the early hours of July 16.

Crypto Exchange BigONE Attacked for $27 Million: Funds Stolen in Hot Wallet Breach

“We detected unusual activity in our hot wallet. Investigations confirmed that this was the result of a third-party attack,” the exchange said in an official statement released on Wednesday.

Details of the Attack:

BigONE is a total of four different blockchain networks:

• 120 BTC
• 350 ETH
• 1,800 SOL
• It announced a loss of 8.54 million USDT. It was also reported that assets in eight other cryptocurrencies, including DOGE, SHIB, and CELR, were stolen.

Blockchain security firm SlowMist reported that the attack was carried out through the supply chain. In such attacks, hackers manipulate the operation of a system by injecting malicious code into the software infrastructure.

SlowMist stated that the attackers manipulated the operating logic of account and risk control servers to enable unauthorized withdrawals. Importantly, it emphasized that despite the attack, the wallets’ private keys were not compromised.

The exchange stated that they had identified the attack vector and prevented further losses. BigONE also announced that they were tracking the hacker and the movement of funds in collaboration with SlowMist.

“BigONE will fully compensate for all losses arising from this incident,” the company stated, adding that internal security reserves have been activated to balance liquidity pools and that deposits and trading will reopen shortly.

This incident has once again brought to the fore the security measures of centralized crypto exchanges and the potential risks of hot wallets.

*This is not investment advice.

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