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After $200M Hack, Mixin Pauses Withdrawals

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Attackers obtained access to the central database of the cloud service provider for the Mixin Network without authorization.

Following a hack that resulted in the loss of $200 million in funds over the weekend, Mixin Network, a cross-chain transactional network for digital assets, halted deposits and withdrawals.

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Attackers were able to access the cloud service provider’s database of Mixin Network, which led to the breach.

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To help with the current inquiry, Mixin is collaborating with both Google and the blockchain security company SlowMist.

“After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed,” the team said in an X post on Monday.

“During this period, transfers are not affected,” it added.

In a future solution, they intend to give people instructions on how to handle lost assets.

Mixin describes itself as a peer-to-peer network employing a directed acyclic graph (DAG) data structure, designed to address scalability and privacy concerns encountered in blockchains like Bitcoin and Ethereum. Mixin is supported by well-known Chinese influencer Li Xiaolai.

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According to a monthly report, the mainnet had 26 complete nodes running as of July, and the network held assets worth $1.1 billion.

Some users of X expressed dissatisfaction with the project’s level of “decentralization,” pointing out its reliance on a centralized interface. Even protocols that purport to be decentralized but really have centralized points of failure can be susceptible.

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Following notable occurrences like the Ronin Network, Poly Network, and BNB Bridge thefts, Mixin’s $200 million breach now ranks among the greatest cryptocurrency hacks of the year and among the largest of all time.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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