Hackers Drain $200 Million from Mixin Network in Database Breach

Mixin Network Hit by $200 Million Hack Investigation Underway

Key Insights

  • Mixin Network suffers a $200 million hack due to a breach in a third-party cloud service provider’s database.
  • The attack prompts immediate suspension of deposit and withdrawal services on the platform.
  • Mixin Network engages SlowMist, Google, and others in an investigation, while recovery plans for affected users remain undisclosed.

In a major cybersecurity breach, decentralized peer-to-peer network Mixin Network has fallen victim to a devastating hack, resulting in the loss of approximately $200 million in cryptocurrency assets.

The incident, which unfolded on September 23rd, saw hackers exploit vulnerabilities in a third-party cloud service provider’s database, leading to the substantial crypto asset drain.

Mixin Network took swift action in response to the attack, confirming the breach and immediately suspending all deposit and withdrawal services on its platform.

The company has launched a comprehensive investigation into the breach, enlisting the expertise of blockchain investigator SlowMist and technology giant Google.

How much cryptocurrency was stolen during the hack?

At the time of the hack, Mixin Network held a substantial portfolio, including $94.48 million worth of Ether (ETH), $23.55 million in Dai (DAI), and $23.3 million in Bitcoin (BTC). These figures were revealed through an independent investigation conducted by PeckShield, bringing the total loss to $200 million.

PeckShield reported that Mixin Network’s portfolio amounted to $141.32 million.

Web3 SaaS analytics platform 0xScope delved further into the hacker’s history and uncovered a link between the attacker and Mixin Network. In 2022, the hacker’s address, known as 0x1795, received 5 ETH from Mixin, which was later deposited into Binance.

The address 0x1795, which is linked to the hacker, had previously received Ethereum (ETH) from Minix, as reported by 0xScope.

To safeguard their ill-gotten gains, the hacker converted the stolen Tether (USDT) to Dai (DAI), a move aimed at preventing any freezing of the funds. Mixin Network has announced that deposit and withdrawal services will resume only after identifying and addressing the vulnerabilities exploited in the hack.

However, specific plans for recovering the lost assets of affected users have not yet been disclosed.

Read also! CoinEx Resumes Deposit and Withdrawal Services After $55 Million Hack

Despite initial promises that Mixin founder Feng Xiaodong would publicly address the incident in a Mandarin livestream on September 25th, no official links to the livestream were provided on the platform’s social media channels or website.

As of the time of this report, Mixin Network had not responded to requests for comment from MarketsXplora.

Samson Ononeme

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