News

After $200M Hack, Mixin Pauses Withdrawals

single-image

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.

CryptoCaster Quick Check:

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

Stay in the know on crypto by frequently visiting Crypto News Today

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.

Advertisement

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.

Advertisement
Follow GappyCoin PreSale on Twitter, and ReCap for information and more.

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!


We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.

In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.

Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.

CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.

Thank you for your support,

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D


CRYPTOCASTER HEATMAP


You may also like