BigOne Exchange Attack Leads to $27M Crypto Security Breach
BigOne Exchange Attack: Crypto Lost in Backend Supply Chain Breach
As reported by the Wu Blockchain, BigOne Exchange, a well-known global crypto platform, has suffered a major security breach. Hackers managed to steal over $27 million in what’s now being called the BigOne Exchange Attack.
What’s especially worrying is that this wasn’t a regular crypto hack, the attackers didn’t even go near users’ wallets. Instead, they found a loophole deep in the system.
Source: Wu Blockchain
The BigOne Exchange Attack: Unconventional Supply Chain Exploit
This wasn’t about stolen private keys or someone breaking into hot wallets. Instead, the attack came through BigOne’s supply chain.
According to the security firm SlowMist during this BigOne Exchange Attack, the hackers changed how the platform’s servers worked, especially the parts that handle accounts and risk checks. That gave them backend access to transfer funds without getting noticed by anyone at first.
SlowMist confirmed that no user keys or wallets were touched, it is a sigh of relief. Even so, it indicates how dangerous backend bugs can be if not suspected at an early stage.
Production Network Identified as the Entry Point
The hackers targeted platform's production network, the live system responsible for everyday operations.
During this BigOne Exchange Attack, they didn't hack wallets or suspend trading. Rather, they secretly manipulated how withdrawals were approved in the background.
It enabled them to conduct mock withdrawals on multiple blockchains. The amount pilfered? More than $27 million, in coins such as BTC, ETH, USDT, SOL, and XIN.
