Mixin Network

History

2023: Shutdown after theft of $200 million from customers

On September 25, 2023, the Hong Kong-based crypto company Mixin Network reported a hacker attack that stole approximately $200 million from customers. In connection with the incident, the platform stopped all operations, saying that it was taking measures to solve the problem.

Mixin Network is a service whose technology allows you to optimize the speed and cost of transferring crypto assets between different blockchain networks. Mixin describes itself as a "decentralized network for the transfer of digital assets" and states that its daily audience of active users reaches 100 thousand people. According to the company itself, the total value of the platform's assets exceeds $1 billion.

Mixin Network reported a hacker attack that stole approximately $200 million from customers

Mixin said in a statement that cybercriminals attacked a third-party cloud service provider's database: it "resulted in the loss of some assets on the core network." Input and withdrawal services on the Mixin platform are not available as of the end of September 2023. Mixin has sought the help of third-party information security experts. Details about the cyber attack were not disclosed. Therefore, it is not clear how exactly the hackers managed to steal the money.

A preliminary check shows that the volume of stolen funds is about $200 million. We will try to do everything possible to minimize losses, the service said in a statement.

Mixin management later approached the attackers behind the hack with a ransom offer. The crypto platform promises cybercriminals a "reward" of $20 million in exchange for a refund of the remaining funds.

The bulk of our platform's assets are owned by users and we hope you can get them back. You can keep assets worth $20 million as a reward for Bug Bounty, the company said.[1]

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