$200 Million Worth of Digital Assets Lost in the Latest Security Breach on Mixin Network

Decentralized finance peer-to-peer service Mixin network recently experienced an attack on Saturday, September 23, 2023, resulting in the loss of $200 million worth of crypto funds. The attack was caused by a compromise in the network’s cloud service provider database.

According to an investigation conducted by blockchain security platform Peckshield, Mixin network’s total portfolio accounted for approximately $141 million at the time of the attack. The attack occurred during the early hours of September 23, 2023, Hong Kong time, prompting Mixin network to temporarily suspend deposits and withdrawals to prevent further losses.

The Mixin team has assured its users that services will resume once all vulnerabilities are thoroughly checked and fixed. Meanwhile, transfers are unaffected by the suspension. The team also stated that an announcement will be made regarding a solution for handling the lost funds once the vulnerabilities are determined.

To aid in the investigation, Mixin network has contacted Google and blockchain security company Slowmist. SlowMist announced its assistance in the investigation following a security alert post on September 24, 2023.

Mixin is a decentralized network service that offers a high-speed peer-to-peer transactional network for digital assets. However, it is believed that Mixin, which is a decentralized network, relied on a centralized database, leading to its vulnerabilities.

Mixin founder Feng Xiaodong addressed the alleged attack during a live stream on September 25, 2023. He stated that the exchange can guarantee the safety of half of its users’ assets from the affected $200 million. The Mixin team plans to issue “bond tokens” for the other half of the funds, which users can claim and the exchange intends to buy back in the future, allowing users to retrieve their funds.

Despite the attack, Mixin network has promised to establish a new system with enhanced security measures to host users’ assets.

Source: [credible source](https://x.com/peckshieldalert/status/1706199059705598406?s=46)

Featured image from AIBC Summit, chart from Tradingview.com

❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

View J-S Tremblay website

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top