BigONE hit by $27M hack: exchange promises full reimbursement

Ouch! Crypto exchange BigONE just got stung by a pretty significant security breach, with hackers making off with a reported $27 million in crypto assets. Security experts at SlowMist were the first to break the news.

Apparently, the bad actors managed to wiggle their way into BigONE’s product network and tweak how the servers handling account management and risk control were working. The good news? BigONE says the private keys remained safe and sound.

BigONE has been pretty transparent about the whole thing, issuing an update that included:

• Confirmation that they’ve identified and patched the vulnerability used in the attack, so no more funds should be at risk.
• They’re collaborating with SlowMist to track down the hackers and follow the trail of the stolen funds.
• They’re working hard to get their systems back up and running smoothly.
• Deposits and trading should be back online pretty quickly (within a few hours, they estimate).
• Withdrawals will take a bit longer as they’re adding extra security layers.

Perhaps the most reassuring news is that BigONE is promising to cover all user losses out of their own pocket. They’ll be tapping into their reserves of BTC, ETH, USDT, SOL, and XIN to make everyone whole. For any other stolen tokens, they plan to use borrowed funds. So, if you’re a BigONE user, it sounds like you should be covered!