Big.one Exchange Hit by $27 Million Breach

The $27 Million Security Breach

On July 16, 2025, BigONE confirmed a significant security breach involving its hot wallet. The attack resulted in the theft of approximately $27 million worth of digital assets, including Bitcoin, Ethereum, USDT, Solana, and XIN. The breach was identified when abnormal movements in the platform’s assets triggered internal alarms.

Blockchain security firm SlowMist reported that the attackers breached BigONE’s production network, modifying servers to facilitate unauthorized withdrawals. In response, BigONE temporarily suspended deposits and trading to reinforce system security and pledged to fully compensate affected users using internal reserves.

Allegations of Scam Activities

Following the breach, blockchain investigator ZachXBT accused BigONE of processing funds from various scam activities, including romance scams and “pig butchering” operations. ZachXBT claimed that BigONE processed at least $60 million in scam-related funds through a single deposit address over seven months.

These allegations raise concerns about BigONE’s due diligence processes and its role in facilitating or failing to prevent fraudulent activities on its platform.

User Complaints and Trust Issues

User feedback on platforms like Trustpilot reveals significant dissatisfaction with BigONE’s services. The exchange holds a TrustScore of 1.9 out of 5, based on 19 reviews. Trustpilot Common complaints include withdrawal issues, lack of transparency, and poor customer support, all of which contribute to a negative reputation among users.

Operational Risks and Regulatory Concerns

BigONE operates from Seychelles, a jurisdiction known for its lenient regulatory environment. This lack of stringent oversight raises concerns about the exchange’s compliance with international financial regulations and its ability to protect users’ interests effectively.

The exchange’s user agreement includes clauses that may limit its liability in cases of loss or damage, potentially leaving users with limited recourse in the event of future issues. big.one

Risk Assessment and Expert Opinion

Consumer Protection: The $27 million breach and allegations of processing scam-related funds highlight significant risks for users. The lack of regulatory oversight and poor user feedback further exacerbate these concerns.

Scam and Fraud Risks: The processing of funds from scam activities suggests that BigONE may not have adequate measures in place to detect and prevent fraudulent transactions, posing a risk to both users and the broader cryptocurrency ecosystem.

Reputational Risks: The combination of security breaches, scam allegations, and user complaints has severely damaged BigONE’s reputation, making it a high-risk platform for potential users and investors.

Financial and Operational Risks: The breach’s financial impact and the exchange’s operational challenges indicate potential instability, which could affect its long-term viability.

Conclusion: Expert Opinion

Based on the available information, BigONE presents significant risks to users and investors. The combination of a substantial security breach, allegations of involvement in scam activities, poor user feedback, and operational challenges suggests that the exchange may not be a reliable platform for cryptocurrency trading. Potential users and investors should exercise caution and consider alternative exchanges with stronger security measures, better regulatory compliance, and more positive user experiences.

Written by

Finn Morgan

Updated

2 months 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.