BigONE cryptocurrency exchange has $27 million worth of Bitcoin, Ethereum, and other assets stolen

A recent cybersecurity breach at the BigONE cryptocurrency exchange resulted in a significant loss of $27 million in various cryptocurrencies, including Bitcoin, Ethereum, USDT, SOL, XIN, DOGE, and more. The hackers targeted the company’s hot wallet, but the private keys remained secure. BigONE assured its users that it had identified and secured the attack vector, minimizing the risk of further losses.

Following the attack, BigONE temporarily suspended deposit and trading functions to focus on system recovery. Withdrawals will resume once additional security measures are in place. The exchange is now utilizing its internal security reserves to replace the stolen cryptocurrencies and borrowing affected tokens from external sources to ensure liquidity when operations return to normal.

This incident is not the first major cryptocurrency heist this year, as other platforms like ByBit and Coinbase have also fallen victim to significant breaches. By working with blockchain security firm SlowMist, BigONE aims to trace the hack, monitor fund movements, and potentially recover the stolen assets. While tracing cryptocurrency transactions is relatively straightforward due to the public ledger, the anonymous nature of these transactions can complicate efforts to identify the perpetrators.

Despite the challenges involved in recovering stolen cryptocurrency, it is possible. For instance, the U.S. Department of Justice successfully recovered $2.3 million in Bitcoin paid by Colonial Pipeline as ransom following a cyberattack. Several specialized firms are available to assist victims in recovering lost assets, albeit for a fee.

With assets totaling over $91 million, BigONE’s $27 million loss poses a significant challenge for the exchange. However, the company has assured its users that it will cover all losses and maintain full transparency throughout the investigation process. Regular updates will be provided to keep users informed of any developments.

As the exchange works towards restoring normal operations, it acknowledges the importance of reinforcing security measures to prevent future attacks. By collaborating with industry experts and implementing robust security protocols, BigONE aims to regain user trust and resume operations with enhanced protection against cyber threats. Users can expect continued communication and updates from the exchange as it navigates the aftermath of this security breach.