Mixin halts withdrawals as network suffers $200M loss in hack

Attackers gained unauthorized access to the Mixin Network’s cloud service provider’s centralized database

article-image

leksiv

share

Mixin Network, a cross-chain transactional network for digital assets, suspended deposits and withdrawals following a hack that led to the loss of $200 million in funds over the weekend.

The breach occurred after attackers managed to infiltrate the database of Mixin Network’s cloud service provider.

Mixin is engaging with both Google and blockchain security firm SlowMist to aid in the ongoing investigation.

“After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed,” the team said in an X post on Monday.

“During this period, transfers are not affected,” it added.

They plan to provide users with guidance on handling lost assets in a forthcoming solution.

Loading Tweet..

Mixin, backed by prominent Chinese influencer Li Xiaolai, describes itself as a peer-to-peer network using a directed acyclic graph (DAG) data structure, designed to tackle scalability and privacy challenges observed in blockchains such as Bitcoin and Ethereum. 

The mainnet operated on 26 full nodes as of July, with the network holding assets valued at $1.1 billion, according to a monthly report.

Some X users indicated criticism regarding the project’s level of “decentralization,” pointing to its reliance on a centralized frontend. Even genuinely decentralized protocols can be vulnerable to centralized points of failure.

Mixin’s $200 million breach now stands among the biggest crypto hacks this year and makes it one of the all-time largest, following notable incidents like the Ronin Network, Poly Network and BNB Bridge hacks.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

Cross-chain protocol’s product development-focused unit Wormhole Labs formally launches following $225 million raise

article-image

Accredited and non-accredited investors worldwide will be able to purchase the Note starting Dec. 6 on US-regulated trading platform INX

article-image

Bitcoin’s next halving is less than five months away. History says they’re bullish but will this time be different?

article-image

Merger is set to allow the combined business to “flex between our different lines of business,” Hut 8 CEO says

article-image

Agency’s decision to start comment window earlier than expected could be bullish for spot bitcoin ETF approval in January, industry watchers say

article-image

Jump Crypto is the trading firm at the center of Terra-related market manipulation allegations