Crypto trading platform BigONE has suffered a significant security breach, resulting in the loss of more than $27 million in digital assets.
The attack, identified by blockchain security firm SlowMist, was traced to a supply chain vulnerability that compromised key components of the exchange’s production environment.
According to the investigation, the intruder gained access to internal server logic linked to BigONE’s account management and risk control systems. This allowed unauthorized withdrawals of funds across several digital currencies, even though no private keys were directly exposed.
Attacker Converted Stolen Assets Across Multiple Chains
The breach enabled the attacker to swiftly move the stolen funds into various blockchain networks in an attempt to obscure the trail.
On-chain analytics from Lookonchain revealed the breakdown of the looted funds: approximately 120 BTC valued at $14.15 million, 23.3 million TRX worth $7 million, 1,272 ETH estimated at $4 million, and 2,625 SOL totaling over $428,000.
The attacker’s wallet addresses are now under watch by blockchain analytics firms, including CertiK and SlowMist. These wallets span across Ethereum, Bitcoin, Tron, and Solana, which complicates recovery efforts as funds are laundered through decentralized exchanges and mixers.
BigONE responded to the incident by activating its emergency protocols and isolating the compromised server path. The platform announced it had tapped into its security reserve account to reimburse affected users. Despite the breach, the exchange confirmed that its trading operations remain active.
Allegations and Past Scrutiny Resurface
The incident has triggered renewed skepticism about BigONE’s compliance standards and security infrastructure. Prominent blockchain investigator ZachXBT resurfaced earlier accusations linking the exchange to suspicious transactions involving romance scams, Ponzi schemes, and pig butchering rings.
Though BigONE has not formally responded to these claims, the timing of the attack and its financial scale have intensified calls for stricter regulatory oversight over centralized exchanges.
CertiK also noted that unusual token outflows were detected before the official announcement of the hack, raising further questions about internal controls and possible lapses in monitoring.
Industry-Wide Security Woes Grow in 2025
BigONE’s breach adds to a troubling year for crypto security. Earlier in 2025, exchanges like Bybit and Phemex reported losses of $1.5 billion and $85 million, respectively. Meanwhile, protocol-level exploits targeting Cetus, Infini, and Moby have contributed to one of the worst years on record for crypto thefts.
Analysts point to the continued reliance on hot wallets and loosely enforced security audits as common weaknesses across platforms. Despite advances in blockchain analytics and security tools, attackers continue to exploit outdated infrastructure and human error.
According to a mid-year report from Chainalysis, total losses from exchange and DeFi platform breaches in 2025 have already surpassed $2.4 billion, a 19% increase from the same period last year.
Conclusion
BigONE’s $27 million breach underscores the need for stronger backend defenses, third-party code audits, and more transparent operational protocols among cryptocurrency exchanges.
While the platform’s swift response and user compensation have helped stabilize user confidence for now, the exchange remains under scrutiny from the broader crypto community.
Recovery of the stolen funds is ongoing, with multiple blockchain watchdogs monitoring related wallet activity. For now, the breach serves as another reminder that crypto platforms, particularly centralized ones, remain prime targets in an increasingly sophisticated threat landscape.
