Decentralized Peer-to-Peer Network Mixin Network Loses $200 Million in Hack

The Hack

Mixin Network, a decentralized peer-to-peer network, has been hit by a major hack resulting in the loss of approximately $200 million worth of crypto assets. The attack occurred on September 23rd, with Mixin Network confirming the breach on September 25th. The incident has forced the suspension of all deposit and withdrawal services on the network.

Investigation and Recovery

In response to the hack, Mixin Network has enlisted the help of blockchain investigator SlowMist and technology giant Google to aid in the investigation. The team is working towards recovering the lost assets while ensuring that the vulnerabilities that led to the hack are identified and fixed. However, plans for asset recovery for affected users have not yet been announced.

The Stolen Assets

According to a separate investigation conducted by PeckShield, at the time of the hack, Mixin Network held a total of $141.32 million, with $94.48 million in Ether (ETH), $23.55 million in DAI (DAI), and $23.3 million in Bitcoin (BTC).

Resumption of Services

Deposits and withdrawals on Mixin Network will remain suspended until the vulnerabilities have been confirmed and fixed. The network will then recommence its services, allowing users to once again deposit and withdraw funds.

Founder's Explanation

Initially, it was promised that Mixin Network founder Feng Xiaodong would explain the incident in a live stream. However, no links to the live stream were provided on official social media channels or the network's official website. At the time of writing, Mixin Network has not responded to requests for comment.

Similar Attack on Ethereum Co-Founder

Ethereum co-founder Vitalik Buterin recently fell victim to a different type of attack known as a SIM swap attack. In this type of attack, the attacker gains control of the victim's mobile number in order to bypass two-factor authentication and access various accounts, including social media, banking, and crypto accounts.