[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Aniekeme Umoh 👀 [@aniekemeumoh22](/creator/twitter/aniekemeumoh22) on x 6503 followers Created: 2025-07-18 18:21:52 UTC BigONE Exchange Suffers $27M Hot Wallet Hack: What You Need to Know What Actually Happened? On July 16, Seychelles-based @BigONEexchange experienced a hot wallet breach resulting in the loss of approximately $XX million in #crypto, including #Bitcoin, #Ethereum, #USDT, #SOL, #XIN, and other digital assets . The breach stemmed from a supply-chain attack that targeted the exchange’s production network, allowing hackers to alter risk-control logic and authorize unauthorized withdrawal, without compromising private keys or cold storage. Hot Wallet vs. Cold Storage ✓ The hot wallet (used for daily operations) was drained. ✓ Cold storage (offline reserves) and private keys remained secure and unaffected. ✓ BigONE has already contained the breach, prevented further losses, and restored trading and deposits, with withdrawals pending additional security hardening. Response & Reimbursement: BigONE has pledged to fully reimburse all lost assets using a mix of its internal security reserves, borrowed tokens, and borrowing mechanisms for niche assets. They’re collaborating with SlowMist to trace funds across blockchains and potentially recover stolen assets . Broader Implications & Lessons X. Modern attack vectors bypass wallets, not keys Attacks now exploit operational infrastructure (CI/CD pipelines, server logic), not cryptographic defenses . X. Cold storage remains essential This incident reaffirms the importance of cold wallets and rigorous key handling in exchange security architecture . X. Prompt, full reimbursement builds trust Not all exchanges absorb losses. BigONE's transparency and coverage policy could set a new standard, even if the allegations of handling scam-related funds have sparked a reputation debate. X. Regulatory spotlight intensifies Another major hack in 2025, amid billions in stolen crypto, adds fuel to calls for clearer regulation, auditing requirements, and standardized incident handling protocols. Here's my final take 👇 The BigONE incident depicts a frontier of exchange vulnerabilities: the production stack itself, not just hot wallet security. Their transparent response, funded reimbursement, and trace efforts suggest a maturing approach to crisis management, but it also raises urgent questions about dependencies on third-party systems and supply-chain security. For users: Always consider where your assets are stored: hot wallet, cold wallet, or not on an exchange at all. Exchanges are working to close gaps, but the smartest defense is personal vigilance. Shared in collaboration with the Coinex Creator Program #Coinex #Coinexcreators @coinexcom @coinexcreators  XXXXX engagements  **Related Topics** [sol](/topic/sol) [usdt](/topic/usdt) [exchanges](/topic/exchanges) [#bitcoin](/topic/#bitcoin) [#crypto](/topic/#crypto) [$27million](/topic/$27million) [happened](/topic/happened) [hack](/topic/hack) [Post Link](https://x.com/aniekemeumoh22/status/1946274236173095377)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Aniekeme Umoh 👀 @aniekemeumoh22 on x 6503 followers
Created: 2025-07-18 18:21:52 UTC
BigONE Exchange Suffers $27M Hot Wallet Hack: What You Need to Know
What Actually Happened?
On July 16, Seychelles-based @BigONEexchange experienced a hot wallet breach resulting in the loss of approximately $XX million in #crypto, including #Bitcoin, #Ethereum, #USDT, #SOL, #XIN, and other digital assets .
The breach stemmed from a supply-chain attack that targeted the exchange’s production network, allowing hackers to alter risk-control logic and authorize unauthorized withdrawal, without compromising private keys or cold storage.
Hot Wallet vs. Cold Storage
✓ The hot wallet (used for daily operations) was drained.
✓ Cold storage (offline reserves) and private keys remained secure and unaffected.
✓ BigONE has already contained the breach, prevented further losses, and restored trading and deposits, with withdrawals pending additional security hardening.
Response & Reimbursement:
BigONE has pledged to fully reimburse all lost assets using a mix of its internal security reserves, borrowed tokens, and borrowing mechanisms for niche assets.
They’re collaborating with SlowMist to trace funds across blockchains and potentially recover stolen assets .
Broader Implications & Lessons
X. Modern attack vectors bypass wallets, not keys Attacks now exploit operational infrastructure (CI/CD pipelines, server logic), not cryptographic defenses .
X. Cold storage remains essential This incident reaffirms the importance of cold wallets and rigorous key handling in exchange security architecture .
X. Prompt, full reimbursement builds trust Not all exchanges absorb losses. BigONE's transparency and coverage policy could set a new standard, even if the allegations of handling scam-related funds have sparked a reputation debate.
X. Regulatory spotlight intensifies Another major hack in 2025, amid billions in stolen crypto, adds fuel to calls for clearer regulation, auditing requirements, and standardized incident handling protocols.
Here's my final take 👇
The BigONE incident depicts a frontier of exchange vulnerabilities: the production stack itself, not just hot wallet security.
Their transparent response, funded reimbursement, and trace efforts suggest a maturing approach to crisis management, but it also raises urgent questions about dependencies on third-party systems and supply-chain security.
For users: Always consider where your assets are stored: hot wallet, cold wallet, or not on an exchange at all. Exchanges are working to close gaps, but the smartest defense is personal vigilance.
Shared in collaboration with the Coinex Creator Program
#Coinex #Coinexcreators
@coinexcom @coinexcreators
XXXXX engagements
Related Topics sol usdt exchanges #bitcoin #crypto $27million happened hack