DeFi Platform Mixin Network Suffers $200m Hack; Pauses Services

  • Decentralized platform Mixin Network announce a $200 million exploit on its platform.
  • The hack was caused by a breach in its cloud service provider’s database.
  • Deposits and withdrawals on the platform are temporarily paused, but customers can still transfer assets.

Amidst the overall market slowdown and bear market, Decentralized Finance platform Mixin Network has suspended deposits and withdrawals following an exploit on its platform. According to the announcement, over $200 million in crypto assets was stolen on the platform.

On a post on X, the company announced that customers will no longer be able to deposit or withdraw their crypto assets on the platform. However, it said that they can still transfer assets, pending when other services are restored.

The company said the hack was caused by a breach in its project’s cloud service provider’s database. Blockchain security firm SlowMist is assisting Mixin with the ongoing investigation in relation to the breach.

Furthermore, the company said it has also contacted Google to help in the tracking and recovery of the lost assets, alongside SlowMist. For now, Mixin said the priority is confirming and fixing the vulnerabilties that led to the hack.

As per the post, the Mixin team will announce its plans to recover the lost assets to its community. It promised to do so in a livestream later today through its founder Feng Xiaodong. Additionally, it said that it will make a translated copy of the livestream available to its non-mandaring speaking users and community members.

The impact of the hack has also affected the performance of the platform’s native token, XIN. Despite prevailing bearish conditions, the token had managed to maintain decent performances until the announcement of the hack went public.

Data from CoinMarketCap shows that the token is changing hands at $192, an 8% drop in the past 24 hours. On the weekly price-chart, it has lost 10.66% of its price, with most of the decline coming in the past two days.  

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