BigONE Exchange Suffers $27 Million Supply Chain Attack

BigONE exchange, led by founder Tian Yuming, recently experienced a sophisticated hacking incident that resulted in a loss exceeding $27 million, according to a tweet by blockchain security agency SlowMist.

This breach highlights vulnerabilities in exchange security systems, prompting a comprehensive review and upgrades to safeguard user assets.

BigONE Suffers $27 Million Loss Amid Security Breach

Supply chain attack on BigONE exploited critical vulnerabilities in the system, compromising the production network and tampering with operational servers. Despite the breach, user private keys were kept safe, and no status updates suggest improved security shortly.

The exchange has committed to fully reimbursing users for the losses and suspending withdrawals while security measures are enhanced. BigONE’s official communication reassures users that all assets are safe, and operational updates will be provided soon. As Tian Yuming, Founder of BigONE Exchange, stated, “All user assets are safe. BigONE will fully bear all the losses. Trading and deposits will resume soon; withdrawals after added security upgrades.”

Community responses emphasize the risks of supply chain attacks in the crypto industry. User @TheFUDslayer noted on social platforms the importance of auditing security infrastructure extensively to prevent such exposures.

Crypto Industry Faces Heightened Security Risks

Did you know? Supply chain attacks, while less frequent than direct wallet hacks, highlighted vulnerabilities in global exchanges, affecting confidence and liquidity.

According to CoinMarketCap, Bitcoin (BTC) currently trades at $119,635.35, marking a rise of 2.86% over the past 24 hours. It holds a market cap of approximately $2.38 trillion and continues to command a 62.36% dominance, reflecting stability amid ongoing industry challenges.

The Coincu research team suggests the potential for stricter regulatory scrutiny on exploited exchanges, urging a re-evaluation of security protocols. With the evolving threat landscape, adjustments in safety measures are essential to restore investor trust. For more detailed updates on security measures being implemented, readers can refer to SlowMist Team’s Twitter updates.