- Mixin confirmed the incident occurred on September 23 in an official statement.
- The platform’s native XIN token has lost around 9% at the time of writing.
Earlier today, security company SlowMist announced that the Mixin Network had been attacked. They discovered the flaw by digging into the platform’s cloud storage. The security group has said they are collaborating with Mixin to analyze the event and gauge its severity.
Mixin confirmed the incident occurred on September 23 in a subsequent official statement. The investigation revealed the damages to be over $200M. The platform has temporarily suspended all withdrawal and deposit services for the security of user funds. Once all security flaws have been found and patched, only then will they resume service.
Reimbursing Impacted Users
Users may continue to use the blockchain for asset transfers as normal. Mixin has also said that they are preparing to reimburse users who were negatively impacted by this situation.
The Mixin Network in Hong Kong is a blockchain-based system that facilitates decentralized trading of digital assets. They’ve linked with 44 other blockchains to facilitate the transfer of assets. Mixin’s XIN token has lost around 9% at the time of writing amid reports of a security breach spread.
The Mixin team stated:
“After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed. During this time, money transfers are not affected.”
It went on to say that company founder Feng Xiaodong will be giving a livestream explanation of the incident later on today. If the reported $200 million loss from Mixin is verified, it will become one of the most devastating assault on the crypto sector this year.
Highlighted Crypto News Today:
