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Hackers Exploit BigONE’s Systems, Steal Millions in Bitcoin and Ethereum
In a shocking incident, cryptocurrency exchange BigONE has reported a security breach involving its hot wallet infrastructure, resulting in an estimated $27 million loss. The hack, detected by blockchain security platform SlowMist on July 16, saw the attacker withdraw funds after modifying the operating logic of account and risk control-related servers.
According to reports, the private keys remain secure, and the exchange has confirmed that the attack path has been identified and contained to prevent further losses. The affected assets include 120 BTC, 350 ETH, and over 8 million USDT across four networks.
BigONE has assured users that it will cover all losses using its internal security reserves. The exchange aims to ensure that user assets remain intact while investigations are ongoing. Following a temporary suspension, the platform has restored its services, allowing users to resume transactions via Web or App.
The incident serves as a stark reminder of the importance of robust security measures in the cryptocurrency space. This event comes on the heels of another significant hack, with decentralized trading platform GMX being exploited for $42 million just days prior. Interestingly, the hacker returned $40.5 million, keeping only about $4.5 million.
GMX’s V1 smart contracts were found to be vulnerable to re-entrancy attacks, allowing the perpetrator to manipulate GLP token prices and drain funds. The platform has since issued an update stating that its V2 protocol remains unaffected by this incident.
The recent string of high-profile hacks serves as a wake-up call for cryptocurrency exchanges to prioritize security and protect user assets.
Source: cryptopotato.com
