Cryptocurrency exchange BigONE announced that it suffered a loss of approximately $27 million following an attack on its hot wallets on July 16, 2025. However, the platform stated that user funds were safe and that all losses would be covered.
According to BigONE's statement, the attack was discovered early in the morning thanks to "unusual activity." Technical investigations revealed that the incident was a third-party attack, carried out through the hot wallet infrastructure. The company reported that it had identified the attack path and isolated the vector.
Extensive loss: BTC, ETH, SHIB, and more
Among the assets lost in the attack were large volumes of cryptocurrencies. According to the statement, the stolen assets include:
- 120 BTC
- 350 ETH
- 9.5 billion SHIB
- 7.1 million USDT (multi-chain)
- 538,000 DOGE
- 1,800 SOL
- 1 WBTC
- 20,730 XIN
- 15.7 million CELR
- 25,487 UNI
- 16,071 LEO
It was determined that the attackers attempted to move the funds across multiple blockchain networks, including Bitcoin, Ethereum, Tron, Solana, and BNB Chain. Blockchain security firm SlowMist stepped in at this point and began tracking the assets and is working with the exchange to manage the process.
Although the attack targeted the hot wallet infrastructure, according to BigONE and SlowMist, the private keys of the wallets were not affected. SlowMist stated in a statement that the attackers gained access to the exchange's infrastructure and altered the logic of some risk control systems, enabling unauthorized transfers. This is described as a "supply chain attack": external malware has been inserted into the system, manipulating transaction logic.
Full compensation to users
BigONE has pledged to cover all losses through its own internal reserves and external borrowing. User balances will be fully protected, particularly through the use of high-liquid assets such as BTC, ETH, SOL, USDT, and XIN. The exchange stated that deposits and trading operations will be reactivated soon. However, it was stated that withdrawals will be postponed until additional security updates are completed. The exchange also expressed its regret for the impact of this incident on users and emphasized that all details of the investigation will be shared transparently.
ZachXBT, a well-known on-chain researcher in the crypto world, showed little empathy towards BigONE. In a post on X (formerly Twitter), he claimed that the exchange had previously processed significant volumes of illegal activities such as "pig butchering" scams, fake investment projects, and romance scams. Therefore, he stated that he did not regret the losses suffered by the exchange. Meanwhile, according to market data, BigONE attracted attention with a trading volume of $684 million in the 24 hours following the incident. Founded in China in 2017, the exchange currently operates from the Seychelles.
