Hassan Maishera
TL;DR
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The Mixin Network suffered an attack over the weekend, losing $200 million in the process.
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Mixin operates like a layer-2 protocol that makes cross-chain transfers cheaper and more efficient.
Mixin Network Suffers A Hack
The Mixin Network confirmed over the weekend that it had been hacked for nearly $200 million. The confirmation came following a report from SlowMist, a blockchain security consultancy company.
[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…
— Mixin Kernel (@MixinKernel) September 25, 2023
In a statement over the weekend, the Mixin Network said;
“In the early morning of September 23, 2023, Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company SlowMist to assist with the investigation. After initial verification, the funds involved are approximately US$200 million. Deposit and withdrawal services on Mixin Network have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed. During this period, transfers are not affected.”
Mixin Network operates similarly to a layer-2 protocol and is designed to make cross-chain transactions cheaper and more efficient. However, Mixin Network relies on a centralized database, creating a single point of failure.
In July, the company revealed that the top 100 assets on the Mixin Network have a value of just over $1.1 billion. Mixin Network also revealed that there were 663,489 unique monthly transactions of bitcoin (BTC) and 179,647 ether (ETH) transactions on its platform.
Mixin Network revealed that its founder will address the latest hack in a live stream later today.
