Home Web3 SecurityCrypto Hacks & Exploits Another DeFi Exploited: Mixin Network Suffers a $200M Security Breach

Another DeFi Exploited: Mixin Network Suffers a $200M Security Breach

by ImmuneBytes
Another DeFi Exploited: Mixin Network Suffers a $200M Security Breach

The Hack

Mixin Network has been hit bit a massive security breach on Sep 23, 2023. The losses due to the breach is said to be around $200M.

The breach has occurred in the Mixin’s cloud service provider database on the mainnet.

Mixin Network Security Breach—Sep 23, 2023—Detailed Analysis

The Hack Response

To safeguard assets, the network temporarily suspended deposit and withdrawal services and has no plans to reinstate them until all vulnerabilities are not fixed and verified. The transfer service continues to function normally.

In an official statement, Mixin informed the community that it has contacted Google and other 3rd party blockchain security auditing firms to investigate the breach.

No compensation plan has been announced so far but the Mixin team assured that announcement regarding this will be made at the later stage.

Mixin founder Feng Xiaodong is scheduled to host a public Mandarin livestream at 13:00 HKT on September 25, 2023 to explain the breach.

The Impact

The impact of breach reflected in Mixin Network’s native token, XIN’s market value, which saw a sharp decline of 9% and was trading at $194 when reporting this.

When compared to its all-time peak of $2,095 in January 2018, It is a 90.7% fall.

Mixin’s TVL (total value locked) also fell around $30 million since the attack. It is currently stands $352 million.

Mixin Network has garnered the support of prominent Chinese investor KOL Li Xiaolai, who has both invested in and promoted the platform.

About Mixin Network

Mixin Network positions itself as a free, lightning fast & decentralized network for transferring digital assets. Currently, Mixin Network supports 48 public blockchain chains, with total network assets exceeding US$1 billion.

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