July 21, 2024
Mixin Network Hack Depletes $200M in Mainnet Assets
Latest Cryptocurrency News

Mixin Network Hack Depletes $200M in Mainnet Assets

Mixin Network, a decentralized peer-to-peer network, has experienced a significant loss of approximately $200 million due to a security breach involving the compromise of a third-party cloud service provider’s database.

On September 25th, Mixin Network officially confirmed the hack that occurred on September 23rd, resulting in the loss of roughly $200 million worth of cryptocurrency assets from its mainnet. In response to this breach, Mixin Network promptly suspended all deposit and withdrawal services. To investigate the incident and facilitate recovery efforts, Mixin Network has enlisted the expertise of blockchain investigators SlowMist and Google.

At the time of the breach, Mixin Network’s holdings included $94.48 million in Ether, $23.55 million in Dai, and $23.3 million in Bitcoin, as reported by PeckShield during a separate investigation. The total value of these assets amounted to $141.32 million. The resumption of deposits and withdrawals on Mixin Network is contingent upon the confirmation and resolution of the vulnerabilities exploited in the hack. The specific plans for recovering the lost assets on behalf of users have not been announced immediately.

Despite earlier indications that Mixin Network’s founder, Feng Xiaodong, would provide an explanation of the incident in a public Mandarin live stream on September 25th at 1:00 AM ET (1:00 PM HKT), links to the live stream were not made available on the official social media channels or the official website, mixin.network.

It’s worth noting that Ethereum co-founder Vitalik Buterin also recently experienced a security breach that compromised his social media profile on X (formerly Twitter). Buterin confirmed that he had fallen victim to a SIM swap attack, in which “someone socially engineered T-Mobile itself to take over my phone number.” SIM swap or sim jacking attacks aim to gain control of the victim’s mobile number and exploit two-factor authentication (2FA) to access social media, banking, and cryptocurrency accounts.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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