BigONE to Reimburse $27M After Crypto Hot Wallet Hack
Last week, BigONE suffered a crypto exchange hack when attackers exploited its hot wallet infrastructure in a cross-chain hack, stealing over $27 million worth of assets, including 120 BTC, 1,272 ETH, 23.3 M TRX and 2,625 SOL. The exchange’s real-time monitoring immediately flagged the breach, prompting it to suspend withdrawals and deposits. BigONE engaged external auditors, hardened its security, isolated hot wallets, and invited white-hat hackers to test its updated infrastructure while cooperating with global regulators such as Interpol, the U.S. SEC and FinCEN. It has pledged full reimbursement from its insurance fund, targeting compensation within one week, and confirmed that its cold wallets remained secure, resulting in no net user losses. This crypto exchange hack underscores the persistent risks of hot wallet hacks in the sector and highlights the importance of robust insurance reserves, transparent policies and real-time oversight for market stability.
Neutral
The news of a $27 million crypto exchange hack at BigONE would typically unsettle traders, but the exchange’s prompt suspension of withdrawals, full reimbursement pledge via its insurance fund and confirmation that cold wallets remained secure mitigate immediate asset loss concerns. In the short term, heightened awareness of hot wallet hack risks may lead to more cautious trading on BigONE, but the guarantee of compensation and strengthened security measures should preserve market confidence. Over the long term, this incident underscores the value of robust insurance reserves and transparent policies, contributing to greater stability for cryptocurrency trading platforms and supporting a neutral price impact.