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Mixin Network suffers $200M hack

Mixin Network

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TL;DR

  • Mixin Network has fallen victim to a major security breach, resulting in the loss of approximately $200M.
  • Mixin Network has temporarily suspended all deposit and withdrawal services to ensure the safety of its users.

Mixin Network, a decentralized peer-to-peer network, has fallen victim to a major security breach, resulting in the loss of approximately $200 million worth of cryptocurrency assets. The incident unfolded on September 23, 2023, prompting an immediate suspension of all deposit and withdrawal services on Mixin Network as the organization grapples with the aftermath. The network has since enlisted the expertise of blockchain investigator SlowMist and Google to aid in the investigation, while users await further details on the recovery efforts.

Mixin Network asset loss

On September 25, the platform confirmed the unfortunate event that transpired just two days prior. Hackers successfully compromised the network’s security infrastructure, resulting in the loss of roughly $200 million in cryptocurrency assets from its mainnet. At the time of the attack, Mixin Network held a significant amount of assets, including $94.48 million in Ether, $23.55 million in Dai, and $23.3 million in Bitcoin, as revealed by an independent investigation conducted by PeckShield. This brought the total portfolio value to approximately $141.32 million.

In response to the breach, Mixin Network swiftly engaged the services of blockchain investigator SlowMist, renowned for its expertise in tracking and analyzing blockchain-related security incidents. Additionally, the network sought assistance from tech giant Google to bolster its efforts in uncovering the details surrounding the hack. These collaborations signal Mixin Network’s commitment to a thorough and transparent investigation into the breach.

As of now, Mixin Network has temporarily suspended all deposit and withdrawal services to ensure the safety of its users. The network has not yet disclosed specific plans for recovering the lost assets, leaving users anxious for further updates. It is expected that the vulnerabilities exploited in the hack will need to be confirmed and patched before the network can resume normal operations.

In the wake of the breach, many users and stakeholders in Mixin Network anticipated a public address from the network’s founder, Feng Xiaodong. A public Mandarin livestream was initially promised for 1:00 pm Hong Kong Time on September 25, 2023, to provide insights into the incident. However, disappointment arose as the links to the livestream were conspicuously absent from the official social media channels, including X (formerly Twitter).

The absence of this expected address has left the community in suspense, eager to hear from Mixin Network’s leadership regarding the steps taken to address the security breach and the path forward for the network and its users.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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