Mixin Network in Crisis: Services Suspended After $200 Million Hack

On 23 September, Mixin Network found itself in the throes of a significant security breach, endangering over $200 million in cryptocurrency assets.

Mixin Network has established itself as a robust wallet solution and currently supports 48 public blockchain networks and has amassed a collective network asset value exceeding $1 billion.

Early detection of this incident was made by the blockchain security firm SlowMist.

In response, Mixin Network made the decision to temporarily suspend its deposit and withdrawal services.

This measure, undertaken after thorough deliberation and unanimous consensus among network nodes, aims to address and rectify identified vulnerabilities before resuming normal operations.

It is crucial to note that this suspension does not affect the ability to execute transfers.

The Mixin team plans to release further information on the resolution process for the affected assets in due course.

They have communicated their intention to furnish a comprehensive solution in the near future for addressing the issue of lost assets.

The Mixin team noted:

"Mixin founder Feng Xiaodong will explain this incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. Please help spread the word. We will summarise the content in English afterward for easy reference. We will try our best to minimize the losses and deeply apologize for this."

Mixin Network operates as a service akin to a layer-2 protocol, with the primary objective of facilitating cost-effective and streamlined cross-chain transfers.

However, this approach has raised concerns among some members of the community, highlighting a potential drawback — the network's reliance on a centralised database, which introduces a single point of failure.