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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Unlocked by Template (7).png

Research

Union’s improvements upon Tendermint consensus through CometBLS, coupled with ZK proving through Galois, allow for a broadly scalable, cost efficient, and low latency IBC implementation that is feasibly scalable across every existing blockchain, virtual machine and runtime. The implementation offers modular crosschain interoperability without the need for trusted intermediaries.  

article-image

Kraken’s chief security officer Nick Percoco said the exchange turned the tables on a North Korean hacker

article-image

Or is it approximately the least cypherpunk thing we could do?

article-image

Over 20% of SOL-USD swap volume goes through SolFi

article-image

CEO Vlad Tenev calls expected clarity on listing crypto asset securities “a big opportunity”

article-image

Big Tech pulled US indexes back into the green Thursday, as investors waited for two more Mag 7 first-quarter reports after the bell

article-image

Charts and takeaways from Tuesday’s jobs report and Wednesday’s GDP print, as the economy digests the tariff war