- Mixin Network, a decentralized peer-to-peer network, has lost nearly $200 million in a mainnet hack.
- The hack compromised the database of a third-party cloud service provider
Mixin Network has taken to X.com to confirm that its services are down as a hack has compromised its cloud service provider database, resulting in a $200 million loss. It explained that it was hacked on Sept 23, Hong Kong time, but they have contacted Google and SlowMist to work together to secure the protocol.
Mixin Network suspends transactions as investigations are underway
The platform has immediately suspended all deposit and withdrawal services to prevent further draining of funds. The protocol has appointed SlowMist and Google to help with investigations as its team attempts a recovery.
During the time of the attack, the protocol held assets amounting to $141.32 million in its portfolio, according to on-chain data analytics firm PeckShield. The analytics firm outlined the assets held by Mixin Network as follows:
- Ether: $94.48 million
- DAI: $23.55 million
- Bitcoin: $23.3 million
This event is not a standalone hack. Recently, billionaire Mark Cuban suffered a hack that drained his crypto wallet. Ethereum Co-founder Vitalik Buterin also had his X.com account hacked and used to advertise scam links.
Crypto hacks and scams have been rampant as the industry is young, and most people do not know how to avoid them. Every year, billions of dollars are lost in scams and attacks, sensitizing the public about the need for more resilience in the markets. Keep watching Fintech Express for more updates on this and other fintech-related developments.