DeFi

Mixin Network Suspends Deposits After Suffering A $200M Hack

Key Takeaways:

Decentralized Exchange (DEX) Mixin Network is the latest DeFi platform to suffer a hack.
According to initial reports, the hack could impact up to $200 million in funds.
Blockchain security firm SlowMist is investigating the hack on Mixin Network.

Hackers have compromised Mixin Network, targeting a $200 Million haul. Pic Credit: Canva

YEREVAN (CoinChapter.com) — Mixin Network, the peer-to-peer transactional network known for its lightning-fast speed, has encountered a significant hack. According to the developers, the attack on the database of the decentralized exchange (DEX)’s cloud service provider took place on Sep. 23, putting over $200 million in crypto assets at risk.

Maxin Network revealed the attack in a post on X (formerly Twitter).

“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… After initial verification, the funds involved are approximately US$200 million,”
the network said.

In a separate post, SlowMist also verified the news. According to the firm, it is currently trying to verify details of the hack.

Blockchain security firm SlowMist is investigating the Decentralized Exchange (DEX) Mixin Network hack.

Mixin Network Suspends Deposits and Withdrawals

Mixin Network temporarily suspended its deposit and withdrawal services in response to the latest hack. These services will be reinstated once identified vulnerabilities are resolved without impacting transfers. The Mixin team will provide further details on addressing the lost assets later.

“Deposit and withdrawal services on Mixin Network have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed. During this period, transfers are not affected,”
the announcement continued.

Apologizing for the incident, the team also promised to minimize the losses caused by the attack.

Attacks on Decentralized Finance (DeFi) platforms bear most of the brunt of crypto hackers. Credit: Chainalysis

Cryptocurrency hacks remain a big issue in the industry. In 2022 alone, crypto hackers stole $3.8 billion from cryptocurrency businesses. According to a Chainalysis report, DeFi protocols constituted 82.1% of all cryptocurrency stolen by hackers last year, totaling $3.1 billion. In 2021, DeFi hacks comprised 73.3% of all hacks.

Earlier this month, cryptocurrency exchange CoinEX lost $27 million in a hack. Before that, online crypto casino and betting platform Stake suffered a $40 million attack.