BigONE Exchange Reels from $27M+ Supply Chain Hack – Here’s What Went Wrong

Crypto exchange BigONE just joined the hall of shame—hackers drained over $27 million in a sophisticated supply chain attack. No user funds affected? Sure, until the next 'isolated incident.'

How it happened: Attackers compromised third-party vendor systems, bypassing BigONE’s security like a hot knife through institutional-grade butter. The exploit targeted internal transaction channels—classic supply chain maneuver.

Damage control: BigONE froze withdrawals within 47 minutes (faster than most exchanges admit breaches). Their 'emergency audit' promises full reimbursement—funded by those juicy trading fees they’ve been collecting.

Cynic’s corner: Another day, another crypto heist. At least this one didn’t involve a rogue employee’s 'hardware wallet mishap.' Progress?

How was BigONE attacked?

Based on the firm’s report, the attacker was able to gain access to BigONE’s production network. This includes the live servers responsible for account management and risk controls. The attacker then modified the “operating logic” of these servers that can control which withdrawals were valid and which ones were not.

As as result, the attacker did not need to infiltrate the system to steal private keys. All they had to do was manipulate the logic servers in order to approve and process withdrawals, letting malicious actors fly under the radar and steal funds by withdrawing them from the exchange.

Upon detecting the exploit, BigONE disabled their deposit and withdrawal feature to prevent any more funds from escaping. However, the team promised to resume their services within a few hours after more security reinforcements are added.

“We are actively securing external liquidity through borrowing mechanisms to restore the platform wallet as soon as possible,” said BigONE.