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Breaking: Mixin Network’s Cloud Service Provider Hacked, $200 Million in Funds Affected

Jai Pratap
Last updated: | 1 min read
Source: Pixabay

Mixin Network has revealed that the database of its cloud service provider was attacked on September 23, resulting in the loss of a substantial sum of assets on the mainnet.

As per the official announcement, the amount of funds affected in the hack was $200 million. 

The incident prompted Mixin Network to take immediate action, enlisting the expertise of Google and the blockchain security firm SlowMist to aid in the ongoing investigation.

Mixin Network’s token XIN fell sharply after the news, trading at $194, down 9% at the time of writing.  

Mixin Network Suspends Deposits and Withdrawals

In response, Mixin Network has temporarily suspended deposit and withdrawal services. 

These services will be reinstated following a thorough review and consensus among all network nodes, ensuring that any vulnerabilities are addressed and rectified, the network announced in an X post today. 

However, transfers on the network remain unaffected by the suspension.

The Mixin team is actively working on a solution to address the loss of assets, and further details will be shared with the community in due course. 

To keep the community informed, Mixin Network’s founder, Feng Xiaodong, will conduct a live Mandarin-language stream at 13:00 HKT on September 25, 2023. 

The famous Chinese investor KOL Li Xiaolai has invested and promoted Mixin Network. 

The network claims to be a wallet solution and currently supports 48 public chains with total network assets exceeding US$1 billion. 

Mixin Network is the latest network to get hacked for 9 figures. Earlier, Balancer protocol was hacked for $2 million and before that Exactly Protocol was exploited for over $12 million.