Mixin Network’s Cloud Service Provider Hacked, Resulting in $200 Million Loss
Mixin Network recently announced that its cloud service provider’s database was attacked on September 23, leading to a significant loss of assets on the mainnet. The hack affected approximately $200 million in funds. To address the issue, Mixin Network promptly sought assistance from Google and blockchain security firm SlowMist for an ongoing investigation.
Mixin Network Suspends Deposits and Withdrawals
In response to the hack, Mixin Network temporarily suspended deposit and withdrawal services. These services will be reinstated once a thorough review and consensus among all network nodes take place to ensure vulnerabilities are addressed. However, transfers on the network remain unaffected by the suspension.
The Mixin team is actively working on a solution to recover the lost assets, with further details to be shared with the community soon. Mixin Network’s founder, Feng Xiaodong, will also conduct a live Mandarin-language stream on September 25, 2023, at 13:00 HKT to provide updates to the community.
It is worth noting that Mixin Network has received investments and promotion from renowned Chinese investor KOL Li Xiaolai. The network is considered a wallet solution and currently supports 48 public chains with total network assets exceeding US$1 billion.
Hot Take: Mixin Network Faces Major Hack Resulting in $200 Million Loss
Mixin Network experienced a severe setback when its cloud service provider’s database was hacked, resulting in the loss of approximately $200 million worth of assets. This incident has prompted Mixin Network to suspend deposit and withdrawal services temporarily while investigations take place and vulnerabilities are addressed. Despite this setback, transfers on the network remain unaffected. The Mixin team is actively working on recovering the lost assets and will provide updates to the community soon. Mixin Network’s founder, Feng Xiaodong, will conduct a live stream to keep the community informed. This unfortunate incident highlights the ongoing security challenges faced by cryptocurrency networks.
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