Key Takeaways
- BigOne’s hot wallet was exploited for $27 million in crypto assets.
- The exchange has vowed to cover any user losses with its reserve funds.
- Arcadia Finance was hacked for $3.6 million.
BigONE has reported the loss of $27 million in crypto assets from its hot wallet.
The crypto exchange has promised to fully cover the losses, stating that “user assets will not be affected in any material way.
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BigONE Hit by Supply Chain Attack
While BigONE hasn’t disclosed exact details of the breach, blockchain security firm SlowMist referred to the incident as a “supply chain attack,” indicating a vulnerability among one of the exchange’s technology providers.
The exchange insisted its private keys weren’t compromised. “The attack path has been identified and contained, ensuring no further losses will occur,” a company statement read.
BigONE initially suspended all exchange operations while it traced the root of the problem. At around 10:30 UTC, deposits and trading services were restored, with withdrawals set to resume “once the system is confirmed to be running smoothly.”
Which Cryptos Were Stolen?
Cryptocurrencies lifted from BigONE’s wallet include 120 BTC, 350 ETH and over $8.5 million USDT.
Other affected assets include small quantities of DOGE, SOL, UNI, and six other cryptocurrencies.
The exchange said it has activated its internal security reserves, which include BTC, ETH, USDT, SOL, and XIN, to replenish user funds.
“For other affected mainstream and non-mainstream tokens, we are actively securing external liquidity through borrowing mechanisms to restore the platform wallet as soon as possible,” the statement said.
Arcadia Finance Offers 10% Bounty for Return of Stolen Funds
On July 15th, hackers targeted a series of Arcadia Finance contracts, resulting in a $3.6 million loss.
An on-chain message shows that Arcadia offered a 10% white hat bounty in exchange for the return of the rest of the stolen funds.
However, with no sign of the exploiter taking up the offer, “a recovery plan outlining next steps will be shared over the coming days [and] a community discussion about potential reimbursement measures will be initiated on the governance forum,” Arcadia said on X.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
