Mixin Network Incurs $200 Million Loss in Major Cybersecurity Breach
Summary:
The Mixin Network, a peer-to-peer decentralized network, has lost about $200 million due to a hack involving a third-party cloud service provider. Post hack, all deposit and withdrawal processes on Mixin have been suspended. Blockchain investigator SlowMist and Google have been assigned to probe into the incident. The network will only reactivate its deposit and withdrawal functions after the security issues are fixed. Ethereum co-founder Vitalik Buterin was also victim to a security breach, losing control of his social media profile.
Following a cyber attack, the Mixin Network, a decentralized peer-to-peer system, suffered a loss of roughly $200 million. It surfaced on September 25 that a hacking exercise, initiated two days earlier, had resulted in a drain of around $200 million in crypto assets from Mixin's main blockchain. All deposit and withdrawal operations on the network were halted immediately after the disclosure. According to Mixin Kernel's tweet, the assault, which occurred in the early hours of September 23, led to hackers breaching the network's cloud service provider database and causing a loss of assets on the main blockchain.
In response to this situation, the network assigned blockchain experts SlowMist and Google to assist in investigating and recovering from the breach. PeckShield's independent investigation reported that at the moment of the security breach, Mixin was in possession of assets including $94.48 million in Ether (ETH), $23.55 million in DAI (DAI), and $23.3 million in Bitcoin (BTC), making up a total portfolio of $141.32 million.
Mixin Network will only resume deposits and withdrawals after confirming and rectifying the security vulnerabilities. No immediate steps were communicated regarding recuperation of the lost assets for users. Despite initial reports that Mixin founder Feng Xiaodong would discuss the situation publicly on a Mandarin live stream, no links to such a stream were available on official platforms like X (formerly Twitter) or its website, mixin.network.
Adding to the list of hacked profiles, Ethereum co-founder Vitalik Buterin recently confirmed having his X account compromised due to a SIM swap attack. This sophisticated hacking technique allows attackers to seize control of the victim’s phone number and consequently access linked social media, bank, and crypto accounts using two-factor authentication.
Published At
9/25/2023 8:05:07 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.