Big.one Crypto Exchange Linked to Security Breaches and Scam Activity

Introduction

BigONE, a Seychelles-based cryptocurrency exchange founded in 2017, has positioned itself as a global platform catering to both novice and experienced traders. Its portfolio includes trading for prominent cryptocurrencies such as Bitcoin, Ethereum, Solana, and Litecoin, along with several stablecoins. The exchange’s ambition to serve international markets and provide a wide range of trading options initially attracted attention and earned it a growing user base. However, a series of security breaches, allegations of facilitating scams, and ongoing regulatory questions have introduced significant concerns.

This report analyzes the publicly available information, including consumer feedback, media reports, and blockchain investigations, to assess the risks associated with BigONE. Our objective is to provide a comprehensive understanding of the platform from the perspective of consumer protection, potential financial fraud, and reputational risk.

Security Breaches: The $27 Million Hack

In July 2025, BigONE suffered a high-profile security breach that resulted in the theft of over $27 million from its hot wallets. Hackers exploited a vulnerability in the exchange’s production network, modifying server logic and gaining unauthorized access to a wide range of cryptocurrency assets. Among the stolen assets were Bitcoin, Ethereum, Solana, and stablecoins like USDT, spanning multiple blockchain networks. Blockchain analysts and on-chain investigators reported tracing the stolen funds across several wallets, emphasizing the sophistication of the attack.

Following the breach, BigONE issued public statements asserting that user private keys and personal data were not compromised. The exchange pledged to reimburse affected users using its reserves and assured the public that the attack vector had been identified and secured. While this response aimed to reassure users, experts in cybersecurity caution that the scale of the breach highlights underlying vulnerabilities in the platform’s operational security.

The incident itself reflects a broader problem in the cryptocurrency sector: the susceptibility of exchanges to supply chain attacks and the challenges in ensuring end-to-end security for digital assets. BigONE’s breach is particularly concerning because it demonstrates that even mid-sized exchanges with substantial reserves are not immune to sophisticated cyberattacks. The implications extend beyond financial loss; such breaches erode user trust and can have long-term reputational consequences for the exchange.

Associations with Scams: The “Pig Butchering” Allegations

BigONE has faced allegations regarding its indirect association with fraudulent activities, most notably “pig butchering” scams. In these schemes, victims are lured into fake investment opportunities through social engineering, often resulting in substantial financial losses. Blockchain analysts have traced transactions from victims’ wallets to BigONE accounts, suggesting that the exchange has inadvertently or otherwise become a conduit for funds associated with these scams.

Despite publicly stating its commitment to monitoring and taking action against fraudulent websites, BigONE has been criticized for failing to implement robust mechanisms to prevent scam-related activities on its platform. Reports indicate that even after incidents were identified, the platform continued to facilitate transactions linked to fraudulent operations. This has raised questions about the exchange’s due diligence procedures, anti-money laundering (AML) policies, and overall compliance with industry best practices.

The presence of scam-related activity on a trading platform not only jeopardizes the financial security of individual users but also has broader implications for market integrity. Exchanges that fail to actively mitigate fraudulent transactions can become hotspots for criminal activity, potentially drawing regulatory scrutiny and eroding investor confidence.

Regulatory Concerns and Legal Standing

Operating out of Seychelles, BigONE benefits from a jurisdiction known for lenient cryptocurrency regulation. While this allows for greater operational flexibility, it also introduces significant risk factors for consumers. The absence of stringent regulatory oversight can complicate dispute resolution, limit consumer protections, and reduce transparency regarding financial and operational practices.

Reports from users suggest that withdrawal delays and limited customer support are persistent issues, exacerbating concerns about liquidity management and operational reliability. Furthermore, the exchange’s apparent processing of funds linked to scams has attracted additional scrutiny, raising questions about whether it adequately enforces anti-fraud and AML measures.

Without a clear regulatory framework governing its operations, BigONE remains accountable primarily to its internal policies rather than external authorities. This lack of oversight is a critical risk factor for consumers, as it diminishes the mechanisms available to address grievances, disputes, or potential fraud. For regulators, platforms like BigONE represent a challenging landscape in which to enforce compliance or protect vulnerable users.

Consumer Feedback and Trustworthiness

Consumer sentiment toward BigONE is mixed and, in some instances, highly negative. On Trustpilot, the platform has a TrustScore of 2 out of 5, with numerous users reporting issues such as delayed withdrawals, unresponsive customer service, and a lack of transparency in account management. Many users express frustration over being unable to resolve issues despite repeated attempts to contact support channels.

Discussion forums such as Reddit and Bitcointalk amplify these concerns, with users detailing experiences of blocked withdrawals, unexplained account freezes, and slow response times from support teams. While some users report positive trading experiences, the negative feedback consistently points to structural weaknesses in customer service, dispute resolution, and overall operational transparency.

The combination of these factors creates a concerning landscape for potential investors or traders considering BigONE. A platform that struggles to resolve user issues effectively can see a rapid erosion of trust, which is particularly damaging in the cryptocurrency industry, where user confidence is closely tied to both security and reputation.

Risk Assessment

When evaluating BigONE from the perspective of consumer protection, fraud risk, and reputational exposure, several critical points emerge. The security breach that resulted in a $27 million loss highlights vulnerabilities in platform security. Such incidents not only impact immediate financial loss but also diminish user trust and confidence, which are essential for sustained operations in a competitive market.

In terms of potential scam associations, evidence suggests that BigONE has, either directly or indirectly, facilitated transactions linked to fraudulent schemes such as pig butchering. While there is no conclusive evidence of intentional malfeasance, the exchange’s lack of proactive measures to prevent these activities underscores a broader weakness in operational oversight. This is compounded by regulatory ambiguity in Seychelles, which limits avenues for recourse and reduces external pressure to enforce rigorous compliance measures.

Consumer feedback highlights structural issues in withdrawal processes, customer support responsiveness, and general transparency. These operational shortcomings, combined with the association with scams and high-profile security breaches, create a compounding reputational risk. Negative media coverage and user dissatisfaction amplify the perception of unreliability, making it increasingly difficult for BigONE to maintain credibility in the eyes of both existing and potential customers.

In summary, the risk landscape for BigONE encompasses financial, operational, and reputational dimensions. Users face potential exposure to delayed withdrawals, scams, and a lack of effective redress mechanisms. Simultaneously, the exchange itself faces the ongoing challenge of restoring trust, securing its systems against sophisticated cyberattacks, and demonstrating regulatory and operational diligence to a skeptical public.

Expert Opinion

Based on our extensive review of public records, media reports, blockchain analysis, and consumer feedback, BigONE exhibits several critical red flags that warrant cautious consideration. The July 2025 hack, which resulted in substantial financial losses, demonstrates vulnerabilities in the exchange’s security architecture. Its indirect involvement with fraudulent transactions and limitations in regulatory oversight further compound these concerns.

While BigONE has publicly stated that it will reimburse affected users and secure its systems, the combination of operational weaknesses, past security breaches, and negative consumer sentiment suggests that users should exercise significant caution. Cryptocurrency traders and investors are advised to evaluate alternative exchanges with more robust regulatory compliance, transparent operations, and a stronger track record of security.

In a market where reputation, reliability, and trust are as critical as technological sophistication, BigONE faces substantial challenges in rebuilding its standing. Until the exchange can demonstrate consistent operational transparency, secure infrastructure, and effective consumer protection, prospective users should approach the platform with heightened vigilance.

Written by

Finn Morgan

Updated

5 days ago

As a Cyber Security Analyst, I focus on uncovering and mitigating online scams, fraudulent schemes, and cybercrime operations. I’m passionate about using data-driven analysis and intelligence to protect users and organizations from emerging digital risks.