Mixin Network Suffers $200 Million Hack

Key Takeaways

Mixin Network’s cloud service provider database was attacked on September 23, 2023, resulting in a loss of approximately $200 million.

Blockchain security firm SlowMist is assisting in the ongoing investigation.

Deposit and withdrawal services on Mixin Network have been temporarily suspended.

Security Breach and Financial Impact

In a significant security breach, Mixin Network’s cloud service provider database was compromised on September 23, 2023, Hong Kong time. The attack led to the loss of assets on the mainnet, with the funds involved estimated to be around $200 million. The announcement was made on September 25, 2023, via Mixin’s official Twitter account, which has garnered significant attention, accumulating over 140K views.

Investigation and Immediate Actions

Mixin Network has enlisted the help of blockchain security company SlowMist to assist in the investigation. SlowMist has also issued a security alert regarding the incident. In addition to SlowMist, Mixin Network has contacted Google for further assistance. Deposit and withdrawal services on the network have been temporarily suspended until vulnerabilities are confirmed and fixed. However, transfers between accounts remain unaffected during this period.

Community Reactions and Previous Incidents

The crypto community has expressed concern and frustration over the incident, especially considering the recent hacks involving Stake, CoinEX, and Remitano exchanges. Crypto detective ZachXBT highlighted the alarming frequency of these nine-figure hacks, stating, “Wtf another 9 figure hack (all liquid assets).

Upcoming Announcements

Mixin founder Feng Xiaodong is scheduled to explain the incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. The Mixin team will later summarize the content in English for broader dissemination. Plans on how to deal with the lost assets will be announced subsequently.

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