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Mixin Network Suffers Major Security Breach with $200 Million in Losses

Mixin Network Suffers Major Security Breach with $200 Million in Losses

Yet another decentralized entity suffers a major attack from malicious actors.

Mixin Network, a decentralized peer-to-peer platform, has suffered a massive hack that led to the loss of around $200 million in cryptocurrency assets.

The security breach occurred on September 23rd. Two days later, on September 25th, Mixin Network confirmed the unfortunate event that wiped out a significant amount of its crypto assets.

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After discovering the security breach, Mixin Network immediately suspended all services, including deposits and withdrawals. It is believed that the hack happened when malicious actors hacked a Mixin Network's third-party cloud service provider's database.

The platform partnered with blockchain security firm SlowMist and tech giant Google to conduct an investigation and recover assets.

At the time of the incident, a separate probe by PeckShield revealed that Mixin lost $94.48 million in Ether (ETH), $23.55 million in Dai (DAI), and $23.3 million in Bitcoin (BTC), totaling $141.32 million.

While a roadmap to recover lost assets for its user base has yet to be released, Mixin Network stated that deposit and withdrawal functionalities would be restored "once the vulnerabilities are confirmed and fixed."

Although it was initially communicated that Feng Xiaodong, the founder of Mixin, would discuss the incident in a public livestream, no links to this event were made available on their official channels, including their website and social media platforms.

The security lapse at Mixin Network has added another cautionary tale to the crypto community's growing concerns about asset security. The platform has yet to reveal its strategy for asset recovery and has left its user base in suspense about when deposit and withdrawal services will be reinstated.

This is not the first time major decentralized platforms have suffered hacks this month. On September 19th, the decentralized finance (DeFi) protocol Balancer revealed that its front end was "under an attack."

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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