BigONE Exchange Suffers $27M Hack in Supply Chain Exploit: User Funds Safe, But Trust Wavers

In a stunning blow to the crypto industry, Seychelles-based BigONE Exchange has confirmed a massive $27 million hack, the result of a sophisticated supply chain exploit that breached its hot wallet infrastructure.

Announced on July 16, 2025, the breach has exposed persistent vulnerabilities in centralized crypto platforms, just as investor confidence was beginning to recover from previous market downturns.

What Happened in the $27M BigONE Hack?

BigONE’s security team identified unusual activity involving asset transfers across multiple chains in the early hours of July 16.

Upon investigation, it was confirmed that the breach was not due to compromised private keys—a common concern in such cases—but rather through backend manipulation of server-side logic via a third-party service vulnerability.

This type of exploit, known as a supply chain attack, allowed the attacker to bypass verification systems, manipulate risk control mechanisms, and authorize unauthorized withdrawals—all without triggering internal alarms. The targeted hot wallet infrastructure enabled the rapid siphoning of funds before systems could react.

Multi-Chain Theft: BTC, ETH, TRX, SOL and More

The attacker successfully withdrew a range of assets totaling around $27 million. A breakdown of the stolen assets includes:

• 120 BTC (approx. $14.15 million)
• 1,272 ETH (approx. $4 million)
• 23.3 million TRX (approx. $7 million)
• 2,625 SOL (approx. $428,000)
• Over 8.5 million USDT (via ERC20, TRC20, and BSC)
• Billions of SHIB, and millions of CELR, UNI, LEO, and other tokens

The funds were quickly bridged and scattered across multiple wallets on Ethereum, Bitcoin, Solana, Tron, and Binance Smart Chain. Security firms PeckShield and SlowMist are now tracking the movement of the stolen funds to prevent further laundering.

BigONE’s Response: Full Reimbursement Promised

In a statement released shortly after the incident, BigONE assured users that no customer assets will be lost. The exchange activated internal security reserves consisting of BTC, ETH, SOL, USDT, and XIN to cover immediate shortfalls. For assets not in reserve, BigONE is sourcing external liquidity and borrowing options.

Trading and deposit services are being reinstated progressively, but withdrawals remain suspended until new security protocols are fully implemented. BigONE has committed to full transparency, promising regular updates as the investigation progresses.

Industry Backlash: A Damaged Reputation?

While BigONE’s swift response has been lauded in some circles, not everyone is sympathetic. On-chain investigator ZachXBT has publicly accused the exchange of previously processing funds linked to “pig butchering” and other crypto-related scams.

ZachXBT criticized the platform’s security and compliance measures, suggesting that incidents like this could act as a “natural cleanse” for the industry.

The backlash has been reflected in market performance—BigONE’s daily trading volume dropped by over 38% to $684 million following the hack, according to CoinGecko.

Market Impact: Security Concerns and Price Volatility

Though the $27 million loss represents a fraction of the broader crypto market, the incident raises fresh concerns about exchange security. Historically, hacks—even of this scale—have triggered short-term volatility, especially in the affected tokens like BTC, ETH, and TRX.

Traders are now advised to watch for possible price fluctuations as hacker-held funds may be liquidated, potentially causing localized downward pressure on the market. Bitcoin, in particular, is hovering near critical psychological levels, and sudden sell-offs could prompt dips to $115,000 or lower.

A Wake-Up Call for Centralized Exchanges

The BigONE exploit reflects the growing threat of supply chain attacks in the cryptocurrency space. As centralized platforms integrate with more third-party tools and services, the risk of indirect infiltration increases. This breach shows that even without private key compromise, backend infrastructure remains a major vulnerability point.

In response, analysts and cybersecurity experts are calling for stricter internal controls, regular audits of integrated services, and enhanced server monitoring tools.

Bottom Line

The BigONE Exchange hack is a sobering reminder that the crypto industry remains a high-risk environment for both investors and platforms. While BigONE’s immediate response and user protection measures have mitigated the fallout, the long-term reputational damage and regulatory scrutiny may linger.

Investors are encouraged to move assets to secure, decentralized storage whenever possible and remain alert to developments in exchange security protocols. As the industry matures, events like this will shape the future of trust, regulation, and resilience in the Web3 ecosystem.