Security Breach Occurred at Seychelles-Based Cryptocurrency Exchange! Millions of Dollars Stolen from Hot Wallet! Here are the Details

The Seychelles-based cryptocurrency exchange BigONE announced that it suffered a loss of digital assets worth 27 million dollars due to a security breach that occurred in the early hours of July 16.

$27 Million Attack on Crypto Exchange BigONE: Funds Stolen in Hot Wallet Breach

In the official statement released by the exchange on Wednesday, it was stated, “We detected unusual activity in our hot wallet. Investigations confirmed that this situation was caused by a third-party attack.”

Details of the Attack:

BigONE, a total of four different blockchain networks:

• 120 BTC
• 350 ETH
• 1.800 SOL
• 8.54 million USDT

reported a loss. It was also stated that assets were stolen in eight different cryptocurrencies, including DOGE, SHIB, and CELR.

The blockchain security company SlowMist reported that the attack was carried out through the supply chain (. In such attacks, hackers can manipulate the operation of the system by embedding malicious code into the software infrastructure.

SlowMist noted that attackers performed unauthorized withdrawals by altering the operational logic of account and risk control servers. An important detail emphasized was that despite the attack, the private keys of the wallets were not compromised.

The exchange stated that they have identified the attack vector and that additional losses have been prevented. BigONE also announced that they are tracking the hacker and the movement of funds in collaboration with SlowMist.

“BigONE will fully cover all losses arising from this incident,” the company stated, adding that internal security reserves have been activated to balance the liquidity pools and that deposit and trading operations will be reopened shortly.

This incident has once again brought to the forefront the security measures of centralized crypto exchanges and the potential risks of hot wallets.