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BigONE Hacked: $27M Stolen in Devastating Hot Wallet Attack
The cryptocurrency world has been shaken by yet another devastating hot wallet attack. This time, the target is none other than BigONE, a well-established crypto exchange that had previously demonstrated robust security measures. Unfortunately, these defenses were not enough to prevent a malicious breach, which saw an estimated $27 million in assets drained from its hot wallets.
According to reports, the attackers managed to infiltrate BigONE’s production servers, exploiting weaknesses in the exchange’s Continuous Integration and Deployment pipelines. This allowed them to deploy malicious binaries, gain unauthorized access, and ultimately consolidate stolen funds into fresh wallets for laundering purposes.
The hack has left many experts in the crypto space scratching their heads as they try to understand the exact cause of this breach. However, it is clear that BigONE’s hot wallet network was compromised, resulting in significant financial losses.
In a remarkable display of transparency and commitment to its users, BigONE has announced that it will fully compensate those affected by this hack. This comes as an encouraging sign for investors who have entrusted their assets with the exchange.
The incident serves as a stark reminder of the ongoing importance of robust security measures, particularly in centralized platforms like crypto exchanges. It is imperative that these institutions prioritize strong network segmentation between servers and implement automatic incident response systems to minimize damage.
Despite this setback, the fundamentals of the blockchain technology remain secure and censorship-resistant. This underscores the significance of decentralized self-custody and peer-to-peer infrastructure as the backbone of the industry’s trust.
The world waits with bated breath for further updates on this unfolding story, but one thing is certain: BigONE has taken swift action to protect its users’ funds by ensuring private keys remain secure and customer balances will be fully restored using internal reserves and arranged external lending channels.
Source: crypto-economy.com
