BigONE Exchange Suffers Supply Chain Attack, Losses Exceed $27M

Posted on

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Last updated: 

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

BigONE Exchange Suffers Supply Chain Attack, Losses Exceed $27M

Crypto exchange BigONE has suffered a third-party attack on Wednesday, confirming estimated losses of $27 million. Attackers allegedly tweaked BigONE’s server logic via supply chain to withdraw funds.

Blockchain security platform SlowMist initially reported that BigONE’s production network was compromised. “The operating logic of account and risk control related servers was modified, enabling the attacker to withdraw funds,” the security firm wrote on X.

BigONE later confirmed the attack, assuring users that all private keys remain secure and user assets are safe. Further, BigONE has claimed that they’ll cover all losses.

“All user assets are safe. BigONE will fully bear all the losses. Trading and deposits will resume soon; withdrawals after added security upgrades,” the exchange noted.

BigONE is closely working with the SlowMist team to trace the hacker’s addresses and monitor fund movements, the exchange said in an official release.

Production Network Was the Main Target

The attackers exploited the supply chain vector, gaining access to BigONE’s production infrastructure, according to security firms.

As a result, the logic around risk management was tampered with, along with account operations, leading attackers to siphon funds exceeding $27 million.

The exploiter extracted around $4 million in ETH and multiple other tokens, according to CertiK Alert.

“The attacker is already moving funds swapping into TRX, BTC, ETH & SOL,” another security firm noted. According to Lookonchain data, the hacker quickly split and converted the funds, moving 120 Bitcoin worth $14.15 million, 23.316 million Tron tokens worth $7.01 million, 1,272 Ether worth $4 million and 2,625 Solana tokens worth $428K, across multiple addresses.

Additionally, the BigONE team noted that in order to handle losses and compensation, they have activated our internal security reserves, which include BTC, ETH, USDT, SOL, and XIN tokens.

“For other affected mainstream and non-mainstream tokens, we are actively securing external liquidity through borrowing mechanisms to restore the platform wallet as soon as possible,” BigONE added.

Related Posts