BigONE Hot Wallet Hack Loss $27M, Exchange Go Compensate
BigONE, one cryptocurrency exchange, don confirm on July 16 say one hot wallet hack cause dem thief about $27 million digital assets. Di bad guys use CI/CD pipeline vulnerability to put bad binaries and turn off risk controls, na so e start alerts after dem notice abnormal fund transfer. Di thief assets come with 120 BTC, 350 ETH, millions USDT for TRC20, ERC20, BSC and SOL chains, plus tokens like SHIB, CELR, SNT, DOGE, SOL, WBTC, XIN, UNI and LEO. To find where dem launder money, BigONE join hand with blockchain security firms SlowMist and Cyvers. Di hackers turn tokens into WETH/ETH to mix am and do decentralized trading. BigONE private keys still safe, engineers quick quick stop di hot wallet hack. Exchange promise to pay full compensation from security reserves and arrange external liquidity make sure dem user loss cover well. Deposit and trading go open again inside few hours, withdrawal go open after better security upgrade. Dis hot wallet hack show say crypto sector get big security risks. Traders suppose dey look market well as exchanges dey tighten wallet management and response to incidents.
Bearish
For short term, di BigONE hot wallet hack fit make BTC and ETH prices drop because people dey fear security and dem no fit get enough money if dem carry their funds comot from the exchange. Trading volumes fit reduce and selling pressure fit increase. But if dem manage am quick and promise to pay back full money, e fit make people trust again for long term, make market no fall too much. Overall, dis kin incident show say cyber risk dey everywhere and e fit make people no too happy about market until dem do better security.