The team said they had engaged Google and Blockchain security firm SlowMist to help them investigate the incident. SlowMist has confirmed the report.
Mixin network, a DeFi protocol which aims to solve the scalability challenges of the Blockchain has been hacked. The exploit occasioned a loss close to $200M.
Mixin network confirms hack
The Mixin team confirmed this attack on X, announcing that the protocol’s network cloud service provider database was compromised in the early hours of September 23.
The attack led to a temporary suspension of deposit and withdrawal services on the platform. The platform said it would reopen services once vulnerabilities were confirmed and fixed.
“In the early morning of September 23…the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet,” Mixin Network said in a statement. “The funds involved are approximately US$200 million.”
A report from July noted that the top 100 assets on the Mixin network were just above $1.1B in value. The platform logged 663,489 unique monthly Bitcoin transactions and 179,647 unique monthly Ethereum transactions over the same month.
The problem with the platform is that it’s reliant on a centralised database, causing it to have a single point of failure.
The founder of Mixin, Feng Xiaodong, is also scheduled to provide an explanation via a public Mandarin livestream on September 25 in order to shed light on the attack.
Mixin provides a fast peer-to-peer transactional network. It also makes it possible for other blockchain-based distributed ledgers to achieve high transaction rates, quick confirmation times, and fee-free transactions.
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