Hong Kong-based Mixin Network Suffers $200 Million Crypto Heist

Hong Kong-based Mixin Network Suffers 0 Million Crypto Heist

Hong Kong-based platform Mixin Network experienced a significant cyber attack on September 23, 2023. The attack targeted the platform’s centralized database, resulting in the loss of digital assets on its mainnet. Mixin Network has reported that approximately $200 million worth of assets, primarily Bitcoin, were drained from its system. However, other sources suggest that the hackers stole at least $90 million in Ethereum and over $20 million in Tether.

The platform has taken immediate action by suspending deposit and withdrawal services while it investigates the attack. Mixin Network has reached out to Google and a blockchain security firm to assist with the investigation. The platform plans to reopen services once vulnerabilities are identified and resolved, with transfers remaining unaffected during this period.

Founder Xiaodong Feng has stated that Mixin Network is considering compensating users for up to 50% of their losses. The remaining compensation will be provided in bond tokens, which Mixin intends to repurchase using future profits.

Established in 2017, Mixin Network currently supports 48 public blockchains and had 26 full nodes as of July 2023. At that time, the platform boasted a user base of one million and reported a market value of $1.1 billion for the top 100 assets on its network.

 

CrimeDoor
Author: CrimeDoor

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