Lightning-fast DEX Mixin Network Suffers $200M Attack
On September 23, decentralized exchange (DEX) Mixin Network experienced a significant attack, putting over $200 million worth of cryptocurrency at risk. Mixin Network is a wallet solution that supports 48 public blockchain networks with a combined asset value of over $1 billion. SlowMist, a blockchain security firm, was one of the first to report the incident.
In response to the attack, Mixin Network temporarily halted its deposit and withdrawal services. After discussions among all network nodes, it was agreed that these services would resume once vulnerabilities were identified and fixed. However, transfers were not affected by the suspension. The Mixin team will provide details on how lost assets will be handled at a later time.
Mixin Network’s Plan for Lost Funds
The Mixin team has announced that they will provide a detailed solution for dealing with the lost assets. Mixin founder Feng Xiaodong will explain the incident in a livestream on September 25th and will later summarize the content in English for easy reference. They apologize for the incident and are committed to minimizing losses.
Cyberattacks and frauds in the crypto market are on the rise despite increased security measures. Recently, $15 million was stolen from Fortress Trust through an attack on Retool’s Google Authenticator cloud sync function. The breach affected nearly 27 of Retool’s cloud customers.
The attack was initiated through an SMS phishing strategy targeting Retool’s staff. The attackers posed as members of the IT team and tricked an employee into disclosing their login credentials by clicking on a deceptive link related to payroll. Similarly, hackers drained Exactly protocol of 4,300 ETH in another incident.
Hot Take: Protect Your Crypto Assets from Cyber Attacks
Crypto attacks and frauds are becoming increasingly prevalent, highlighting the need for enhanced security measures. To protect your crypto assets:
- Be cautious of phishing attempts and avoid clicking on suspicious links.
- Enable two-factor authentication (2FA) for all your crypto accounts.
- Use hardware wallets to store your cryptocurrencies offline.
- Regularly update your software and apply security patches.
- Keep yourself informed about the latest security threats and best practices.
By following these precautions, you can mitigate the risk of falling victim to cyberattacks and safeguard your valuable crypto assets.
By
By
By