Blockchain News

Mixin Network Hacked for $200M

To minimize potential damage, Mixin Network temporarily suspended its deposit and withdrawal services, with a commitment to resume these services only once vulnerabilities are confirmed and rectified.

Mixin Network Investigates $200 Million Loss

Mixin Network suffered approximately $200 million in losses on its mainnet after a cyberattack targeted its cloud service provider database. 

In response to the breach, Mixin Network stated that they joined forces with Google and the blockchain security experts at SlowMist to uncover the full scope of the breach and identify any vulnerabilities that may have been exploited.

To mitigate further damage, Mixin Network has taken a cautious approach by suspending its services temporarily. These services, specifically deposit and withdrawal services, will only resume once all vulnerabilities have been confirmed and effectively addressed. Importantly, this suspension does not impact the ability to perform transfers, ensuring users can continue to transact without interruption.

Among Mixin Network's user base, the incident has generated concern and uncertainty. To address these concerns, the Mixin team has reassured its community that they are working on a solution to handle the lost assets. Reportedly, the specifics of this solution will be communicated at a later date.

The Mixin Network, established as a wallet solution, currently supports 48 public blockchain networks. Collectively, these networks have assets worth more than $1 billion. The team said Mixin founder Feng Xiaodong will address the incident in a public Mandarin livestream scheduled for 13:00 HKT on September 25, 2023. 

Mixin's cyberattack immediately impacted the market, resulting in an 8% drop in the price of Mixin's native token, XIN. At the time of writing, XIN is trading at $192, according to CoinMarketCap.

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