BigOne Exchange Loses $27M in Sophisticated Crypto Supply Chain Hack

BigOne Exchange Hit by $27 Million Supply Chain Hack: What Went Wrong, What’s Next

In what is shaping up to be one of the year’s most concerning crypto incidents, BigOne Exchange, a prominent global cryptocurrency trading platform, has confirmed it has suffered a $27 million security breach. Unlike many hacks that exploit wallet vulnerabilities, this attack leveraged an uncommon but increasingly concerning method: a backend supply chain exploit that sidestepped user wallets entirely.

An Unconventional Attack That Skipped Wallets

The BigOne Exchange attack did not involve stolen private keys or compromised hot wallets—common hallmarks of crypto thefts. Instead, according to a detailed report from security firm SlowMist, attackers infiltrated BigOne’s production network, manipulating how servers processed accounts and internal risk checks.

This manipulation allowed them to bypass traditional security triggers and quietly transfer funds without immediate detection, exposing a chilling reality for crypto exchanges: even if user wallets are locked tight, vulnerabilities within backend systems can lead to substantial losses.

How Hackers Breached the Production Network

The attackers targeted BigOne’s live production environment, the operational backbone of the exchange handling millions in daily trading volume. Instead of suspending trading or crashing systems, the hackers altered how withdrawal requests were verified on the backend. This allowed them to simulate legitimate transactions, systematically siphoning off funds across multiple blockchains.

The Scope of the Theft: Assets, Amounts, and Addresses

Blockchain analytics platform Lookonchain tracked the funds, revealing that the attackers successfully withdrew over $27 million across Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), and XinFin (XIN).

The stolen assets were quickly moved into various addresses and converted:

• 120 BTC (~$14.15 million)

• 1,272 ETH (~$4 million)

• 23.316 million TRX (~$7.01 million)

• 2,625 SOL (~$428,000)

Tracked addresses linked to the attackers include:

• bc1qwxm53zya6cuflxhcxy84t4c4wrmgrwqzd07jxm

• TCAfB8jHbJ56xwmfwKwWEs8HLRjbC2GfHG

• 0x0A360bD648EB86613961a2AA41dC1610c5305F4F

• 7RWHQ7ujSFwokAPkAhHTdiPxRF2LmqrvgYEqDiAjLxdH

These rapid transactions suggest a well-coordinated operation designed to quickly obscure the trail and launder funds before law enforcement or blockchain monitoring firms could intervene.

BigOne’s Official Response and Immediate Action

Following the discovery of the breach, BigOne Exchange promptly suspended withdrawals to contain the damage and prevent further unauthorized transactions. Trading and deposits are set to resume shortly, but withdrawals will remain paused until a comprehensive security audit and backend overhaul are completed.

In a statement to users, BigOne emphasized that no user wallets or private keys were compromised. The breach was entirely within its operational backend systems, ensuring that user funds remain safe from direct wallet theft, but the event has raised concerns about hidden systemic vulnerabilities.

Full Compensation and Transparency Pledged

To restore user confidence, BigOne announced it will fully cover the stolen funds from its reserves, ensuring no user will bear the financial loss from the breach. The exchange has committed to regular updates throughout its ongoing investigation and system restoration process, promising transparency during this critical period.

A Growing Trend: Backend Exploits in Crypto

This incident follows a concerning trend in the cryptocurrency industry. In recent weeks:

• GMX lost over $42 million in a suspected exploit.

• Nobitex, Iran’s largest exchange, suffered a $90 million breach.

These incidents collectively underscore the evolving tactics of cybercriminals who are moving away from traditional wallet exploits to backend infrastructure attacks, often leveraging overlooked or unpatched vulnerabilities in the systems that underpin crypto trading operations.

Why Backend Vulnerabilities Pose a Severe Risk

Unlike wallet hacks, backend breaches can bypass even the most secure wallet infrastructure by targeting the environment where wallet interactions are authorized. In BigOne’s case, attackers manipulated transaction verification logic, a critical security layer meant to safeguard against unauthorized withdrawals.

If backend vulnerabilities remain unchecked, even exchanges with robust wallet management systems could find themselves exposed, making backend hardening as crucial as wallet security.

Industry-Wide Implications and the Need for Supply Chain Vigilance

The BigOne Exchange attack is a wake-up call for the crypto industry. As exchanges scale, they often integrate multiple third-party services for KYC, liquidity management, analytics, and cloud hosting, introducing supply chain complexity.

Each third-party dependency becomes a potential vector for attack. If these are compromised, even indirectly, attackers can gain footholds deep within operational infrastructures, bypassing front-end security layers. This calls for:

• Comprehensive security audits of third-party integrations.

• Implementation of zero-trust architecture within operational workflows.

• Real-time monitoring for abnormal backend activities.

User Confidence and Market Stability

In the immediate aftermath of the attack, concerns over user safety and market stability ripple across the crypto ecosystem. However, BigOne’s commitment to full compensation and a transparent investigation has helped mitigate user panic, preventing a massive user exodus and stabilizing trading sentiment.

For crypto investors and traders, the incident underscores the importance of evaluating an exchange’s operational security, not just its front-facing policies or wallet management capabilities.

The Road to Recovery and Future Measures

BigOne’s roadmap to recovery includes:

• A thorough forensic investigation into the exact mechanisms of the attack.

• Upgrading backend infrastructure to patch vulnerabilities.

• Deploying advanced monitoring systems to detect unusual transaction patterns.

• Regular penetration testing and supply chain assessments.

Trading and deposits are expected to return in phases, while withdrawals will only reopen after rigorous system validation.

Final Thoughts: A Lesson for All Exchanges

The BigOne Exchange attack highlights a critical but often overlooked aspect of crypto security: backend and supply chain vulnerabilities are as dangerous as wallet exploits. Exchanges must take a holistic approach to security, protecting every layer from frontend UI to backend logic and third-party integrations.

For users, this is a reminder to diversify assets across multiple platforms, utilize cold storage when possible, and stay informed about the security practices of exchanges they trust with their funds.

As the crypto industry grows and matures, only platforms that proactively address these evolving threats will retain user trust and lead in a competitive landscape.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

 Check out other news and articles on Google News

Disclaimer:

The articles published on hokanews are intended to provide up-to-date information on various topics, including cryptocurrency and technology news. The content on our site is not intended as an invitation to buy, sell, or invest in any assets. We encourage readers to conduct their own research and evaluation before making any investment or financial decisions.

hokanews is not responsible for any losses or damages that may arise from the use of information provided on this site. Investment decisions should be based on thorough research and advice from qualified financial advisors. Information on HokaNews may change without notice, and we do not guarantee the accuracy or completeness of the content published.