Mixin Network, a lightning-fast decentralized exchange (DEX), found itself in the crosshairs of a major cyberattack on Saturday, September 23, jeopardizing over $200 million in crypto assets. This blockchain platform, backed by Chinese influencer Li Xiaolai, serves as a wallet solution and supports 48 public blockchain networks, boasting a total network asset value exceeding $1 billion.
Blockchain security firm SlowMist was among the first to report the breach, prompting Mixin Network to take swift action. In response to the incident, the network temporarily suspended deposit and withdrawal services to mitigate potential damage. The suspension, however, does not affect regular transfers within the network.
🚨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
Mixin Network’s team has committed to releasing a detailed report on the lost assets and their proposed solutions. Founder Feng Xiaodong will host a public Mandarin livestream on September 25, 2023, to address the incident and provide insights into the recovery process. The team expressed its commitment to minimizing losses and issued a heartfelt apology to its users.
Crypto frauds and attacks have been on the rise, with recent incidents affecting other platforms like Fortress Trust and Exactly protocol, highlighting the growing need for enhanced security measures in the cryptocurrency space.
