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Mixin Network Faces $200M Assault, Deposits Suspended Amidst Chaos

Published September 25, 2023 9:17 AM
Omar Elorfaly
Published September 25, 2023 9:17 AM

Key Takeaways

  • Decentralized exchange Mixin Network lost $200M to an attack.
  • Mixin suspended all withdrawals and deposits until they address the security gaps.
  • Crypto transfers on Mixin remain unaffected.

Decentralized digital asset exchange Mixin reported  an attack on its database which resulted in the loss of $200M in assets. 

Mixin has now suspended all withdrawal and deposit functions on its platform and “these services will be reopened once the vulnerabilities are confirmed and fixed.”

In the meantime, transfers on the platform remain unaffected.

$200M Lost

September has been a particularly rough month for digital blockchains and exchanges as an onslaught of hacks has hit a long list of crypto institutions, such as CoinEx and Balancer.

Now, Mixin network, a decentralized digital asset exchange, announced  that its database was compromised due to a hack that resulted in the loss of $200M in digital assets.

The company is collaborating with security partners SlowMist and Google to identify security vulnerabilities and prevent future attacks. Meanwhile, Mixin has suspended all withdrawal and deposit functions, but transfers remain unaffected.

To address the topic of lost assets, Mixin founder, Feng Xiaodong, will hold a live stream at 13:00 HKT on September 25 in Mandarin, and the company promises a summary of the stream in English later on.

Meanwhile, the company’s native token, XIN, experienced an 8.5% drop as a result of the attack. Moreover, the company’s total value locked (TVL) also slumped by $30 million.

Mixin's Xin drops by 8.5%
Mixin’s Xin token drops by 8.5% following the attack

DeFi Attacks

SlowMist reports  that the crypto market has witnessed multiple exploit attacks recently. The security companies cited examples of Coinbase and Balancer, highlighting the slew of vulnerabilities in the crypto sector.

“The week observed an unsettling rise in multifaceted attack methods, from phishing to rug pulls and DNS hijacking. The diversity of these attacks underlines the crucial necessity for comprehensive security strategies across all facets of the cryptocurrency and blockchain landscape,” said SlowMist.

 

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