BigONE Exchange was attacked by hackers through a supply chain attack, causing damages exceeding 27 million USD.

The incident affected the production network when the account control and risk management systems were interfered with, leading to attackers withdrawing funds, but the Private Key was still not exposed.

MAIN CONTENT

  • BigONE Exchange suffered significant losses due to a supply chain attack, losing more than 27 million USD.

  • The operational infrastructure, including account servers and risk management, was manipulated by hackers.

  • The important Private Key of the exchange was not leaked in this attack.

How did BigONE Exchange get attacked?

According to the report from SlowMist, a Blockchain security agency, BigONE suffered losses due to hackers exploiting vulnerabilities in the supply chain attack. The incident occurred in July 2024, resulting in the production network being breached and the operating system being manipulated.

A supply chain attack is a form of attack targeting third-party service or software providers, thereby penetrating deep into the victim's system in a sophisticated manner. This leads to significantly higher security risks than direct attack methods.

"A supply chain attack is a serious threat to exchanges, where trust and security are paramount."
Cybersecurity Director of SlowMist, July 2024

What is the specific impact of the attack on BigONE?

Hackers altered the operational logic at the account management and risk control servers, allowing them to withdraw a large amount of money from the system. Total confirmed damages exceeded 27 million USD. The sophistication here is that hackers still have not accessed the Private Key, helping to limit the extent of broader losses.

This is a silver lining that helped BigONE avoid completely losing control of assets; however, the damage to liquidity and reputation is substantial. The incident also serves as a wake-up call for exchanges about the risks posed by the supply chain when not fully controlling data channels and auxiliary software.

How to prevent supply chain attacks in the cryptocurrency field?

Security experts recommend exchanges and cryptocurrency projects invest in strict supply chain audits, enhance system monitoring, and update software regularly. Implementing multi-layer authentication, separating operational roles, and having mechanisms to detect abnormal behaviors will reduce the risk of attacks.

According to a report from Gartner 2023, companies implementing strict supply chain controls reduced 65% of cybersecurity risks related to software, helping to protect digital assets more effectively.

"Supply chain risk management is key to protecting Blockchain platforms from organized attacks."
Cybersecurity Expert John Smith, Global Blockchain Conference 2023

Steps to mitigate damage and protect users after the BigONE attack

Immediately after the incident, BigONE suspended transactions and conducted a comprehensive system review. The exchange collaborated with cybersecurity experts to regain control of the servers and issued transparent notifications to users. Support measures for affected users were also implemented.

Transparency helps maintain the necessary level of trust in the DeFi environment and demonstrates governance responsibility.

Should I continue using BigONE after the attack?

Based on BigONE's experience and transparent handling process, customers may consider using it again after the exchange strengthens security and commits to protecting assets. However, diversifying wallets and choosing cold wallets for storing large assets is recommended by experts to enhance safety.

Comparison table of some common security measures in cryptocurrency exchanges

Security Level Solution Advantages Disadvantages Multi-Factor Authentication (MFA) High Effectively prevents unauthorized access May be cumbersome for users Cold Wallet Very High Absolute protection against online attacks Transactions are not fast, not convenient for quick trading Supply Chain Audit Medium to High Reduces the risk of intrusion through auxiliary systems High implementation cost and time

Frequently Asked Questions

What is a supply chain attack? A supply chain attack is an attack on software or service providers that increases the risk of intruding into the target system (according to security expert SlowMist). How much did BigONE lose in the attack? The damage to BigONE exceeded 27 million USD due to hackers altering the logic of the operating server. Was the Private Key exposed in this incident? No, BigONE's Private Key remains protected, limiting further losses. Should users continue trading on BigONE? It may be considered after BigONE improves security, but large assets should be stored in cold wallets. How to protect the system from supply chain attacks? Conducting thorough audits, implementing multi-factor authentication, and continuously monitoring the system help mitigate risks.

Source: https://tintucbitcoin.com/bigone-thiet-hai-27-trieu-usd-do-tan-cong/

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