A $27 million hack on BigONE led to the theft of major assets like SHIB, BTC, ETH, and SOL.
Despite the large-scale theft, SHIB’s price quickly recovered and showed no signs of a panic sell-off.
BigONE confirmed that the breach occurred through backend systems, not compromised user wallets or credentials.
A significant breach on the BigONE cryptocurrency exchange has resulted in a theft of over $27 million in various digital assets, including nearly 10 billion Shiba Inu (SHIB) tokens. The hack, attributed to a coordinated supply chain attack, bypassed internal controls, allowing the attackers to reroute funds across several wallets without accessing private keys.
The hacked resources are 121 BTC, 350 ETH, 8.54 million USDT, 1,800 SOL, and a large portion of SHIB. The response of the market to the attack was surprisingly moderate, though the attack was on a very big scale. In most cases a breach results in panicky selling, not to mention a major fall in prices, but in the case of this aftermath there has been a relatively high degree of stability in the markets therein affected, especially SHIB.
The Price Action of SHIB After the Hack
SHIB has immediately lost a bit of the value, dropping below the $0.00001350 threshold, as the previous attack became known. Nevertheless, the cryptocurrency bounced back soon, as its price has been rising to $0.00001370. This unexpected jump in price has left many wondering what the strength of the SHIB market will be, particularly when exposed to such a big-scale violation.
In most cases, the volatility goes high as masses of tokens are stolen, which leads to a general panic sell-off. However, in the present case, the SHIB community seemed to remain fairly relaxed. SHIB price continued to trade in a narrow corridor, despite the identifiable wallet addresses with the stolen tokens moving in and out of them, with no indications to the anticipated panic or even huge sell-offs.
The Reason of the Calm Reaction
A number of reasons could have led to the market taking the news calmly. BigONE has affirmed that the assault was a hack at the backend and was not the consequence of hacked user authentication and wallets. This would have boosted concerns of more exposure to retail investors. Also, such an enormous circulating supply of SHIB may have cushioned against the shock of such a large theft, not causing dramatic price fluctuations.
As an aftermath of the attack, BigONE has stopped withdrawals as it investigates the break-in. The exchange confirmed that it was due to a weakness in its backend systems. A recovery plan is said to be under process, but details remain undisclosed.
The unexpected stability of the market activity of SHIB under the pressure of such a significant attack leaves doubts about the strength of cryptocurrencies with huge supply bases and communities of buyers located on retail Sunshine.
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