Mixin Network Hit by Cloud Database Attack, Threatening $200 Million in Assets

By 0xK2 09/25/23 4:17 AM

In a shocking turn of events, the blockchain project Mixin Network is believed to have fallen victim to a cyberattack through its cloud database, endangering assets estimated at a staggering $200 million. On September 23, 2023, cybersecurity firm SlowMist Security raised the alarm, asserting that the Mixin Network’s cloud service provider database had been compromised, potentially resulting in colossal losses.

🚨SlowMist Security Alert🚨

On September 23, the Mixin Network cloud service provider database was attacked, the amount of funds involved was ~ $200M.

SlowMist is assisting in the investigation. Please wait for @MixinKernel updates for more information.

— SlowMist (@SlowMist_Team) September 25, 2023

The initial breach was detected through the cloud database of the network, sending shockwaves throughout the cryptocurrency community. SlowMist Security, known for its expertise in blockchain security, promptly stepped in to aid in the investigation, though the organization has cautioned the public to await further updates from Mixin Kernel, the core development team behind Mixin Network, for more detailed information.

In an official statement released shortly thereafter, Mixin Network acknowledged the attack, pinpointing its occurrence on September 23. Preliminary investigations indicate losses estimated at approximately $200 million. To safeguard user assets, Mixin has temporarily halted all deposit and withdrawal activities. These services will only resume once the project has thoroughly reviewed and rectified all vulnerabilities and issues. In the meantime, users can continue to transact their assets on the blockchain as usual.

[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…

— Mixin Kernel (@MixinKernel) September 25, 2023

Mixin Network has also pledged to devise a compensation plan for affected users. Founder Feng Xiaodong is scheduled to explain the incident in a public livestream in Mandarin at 13:00 HKT on September 25, 2023, providing further insight into the situation and the path forward.

The Mixin Network, a blockchain project renowned for enabling decentralized asset transactions, has integrated with 44 different blockchains to facilitate cross-chain asset transfers. According to DefiLlama, the Total Value Locked (TVL) on Mixin, as of the morning of September 25, 2023, stands at $353 million. If the $200 million in damages is confirmed, this breach could mark the most significant cryptocurrency attack of 2023, surpassing incidents involving Euler ($197 million), Multichain ($128 million), Atomic Wallet ($100 million), Curve ($71 million), CoinEx ($70 million), Alphapo ($60 million), Stake ($41 million), and others.

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