BigONE

BigONE operates as a cryptocurrency exchange that enables users to trade a variety of digital assets, including major coins such as Bitcoin and Ethereum as well as stablecoins like USDT and numerous alt‑tokens such as CELR, SNT and SHIB. The platform provides deposit and withdrawal services through its hot‑wallet infrastructure, which holds funds temporarily for transaction processing. It offers trading pairs for both widely‑known tokens and less‑mainstream projects, catering to a global user base. The exchange’s headquarters are located in Seychelles.

Following the hot‑wallet incident reported on July 16 2025, BigONE stated that it would cover the full $27 million loss using its internal security reserves supplemented by external liquidity for non‑mainstream tokens. This commitment indicates that the exchange maintains reserve funds and has access to liquidity providers to address unexpected shortfalls. The company worked with the blockchain security firm SlowMist to trace the attacker’s wallet addresses and monitor the movement of the stolen assets.

The attacker exploited the production network through compromised CI/CD or server‑management channels, deploying malicious binaries to account‑operation servers before draining approximately 350 ETH, valued at about $1.1 million. The stolen assets were converted to WETH/ETH and routed through intermediary addresses for laundering, a process traced by SlowMist’s blockchain analysis. Security reviewers identified several gaps, including single‑point hot‑wallet failures, weak code‑integrity controls, missing pre‑transaction validation, and inadequate network segmentation. The incident occurred shortly after a separate $3.5 million exploit at Arcadia Finance, highlighting a broader trend of crypto‑sector losses during that period.