{"id":346280,"date":"2023-09-25T14:30:17","date_gmt":"2023-09-25T09:00:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=346280"},"modified":"2023-09-25T13:32:32","modified_gmt":"2023-09-25T08:02:32","slug":"mixin-network-loses-nearly-200-million-in-hack-details-here","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/mixin-network-loses-nearly-200-million-in-hack-details-here\/","title":{"rendered":"Mixin network loses nearly $200 mln in hack, details here"},"content":{"rendered":"<ul>\n<li><em>The network has been critiqued for relying on a centralized database, which poses a single point of failure.<\/em><\/li>\n<li><em>Mixin Network&#8217;s founder announced plans to address the issue in a live stream session.<\/em><\/li>\n<\/ul>\n<p>Mixin Network, a protocol aimed at tackling blockchain scalability challenges, recently confirmed that it suffered a substantial hack. The incident came to light following a report by SlowMist, a blockchain security consultancy.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8SlowMist Security Alert\ud83d\udea8<\/p>\n<p>On September 23, the Mixin Network cloud service provider database was attacked, the amount of funds involved was ~ $200M.  <\/p>\n<p>SlowMist is assisting in the investigation. Please wait for <a href=\"https:\/\/twitter.com\/MixinKernel?ref_src=twsrc%5Etfw\">@MixinKernel<\/a> updates for more information.<\/p>\n<p>&mdash; SlowMist (@SlowMist_Team) <a href=\"https:\/\/twitter.com\/SlowMist_Team\/status\/1706133260869468503?ref_src=twsrc%5Etfw\">September 25, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the early morning of 23 September, Mixin Network experienced a cyberattack on its cloud service provider&#8217;s database. The attack led to the loss of assets on the platform, totaling nearly $200 million.<\/p>\n<p>The network promptly responded to the breach, acknowledging the severity of the situation.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network&#39;s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company <a href=\"https:\/\/twitter.com\/SlowMist_Team?ref_src=twsrc%5Etfw\">@SlowMist_Team<\/a>\u2026<\/p>\n<p>&mdash; Mixin Kernel (@MixinKernel) <a href=\"https:\/\/twitter.com\/MixinKernel\/status\/1706139175018529139?ref_src=twsrc%5Etfw\">September 25, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4>Centralized aspect of the network exposed as vulnerability<\/h4>\n<p>Mixin Network operates as a service akin to a layer-2 protocol, with a primary objective of facilitating cost-effective and efficient cross-chain transfers.<\/p>\n<p>However, it has been critiqued for relying on a centralized database, which poses a single point of failure. This centralized nature may have contributed to the vulnerability exploited by hackers during the breach.<\/p>\n<p><a href=\"https:\/\/mixin.network\/blog\/2023\/mixin-network-monthly-report-no.53\/\" target=\"_blank\" rel=\"noopener\">According<\/a> to data from a July monthly report, the top 100 assets on the Mixin Network had a combined value exceeding $1.1 billion. During the same month, the platform recorded 663,489 unique monthly transactions involving Bitcoin [BTC] and 179,647 transactions involving Ethereum [ETH].<\/p>\n<p>In response to the breach, Mixin Network&#8217;s founder announced plans to address the issue in a live stream session scheduled for later.<\/p>\n<h4>DeFi Dominance: Hacks and Losses in August 2023<\/h4>\n<p>The crypto network is no stranger to hacks and scams. In August 2023, the web3 ecosystem faced crypto losses totaling $23 million, as <a href=\"http:\/\/ambcrypto.com\/crypto-hacks-and-frauds-take-their-toll-in-august-2023-report\/\" target=\"_blank\" rel=\"noopener\">revealed<\/a> in a comprehensive report by Immunefi, a leading bug bounty and security platform.<\/p>\n<p>Hacks were the primary cause of these losses, amounting to $15 million, while frauds contributed $7 million.<\/p>\n<p>DeFi projects bore the brunt of the attacks, with Ethereum, Base [BASE], and <a href=\"http:\/\/ambcrypto.com\/ethereum-classic-as-the-16-hurdle-persists-will-traders-short-it\/\" target=\"_blank\" rel=\"noopener\">BNB<\/a> Chain accounting for 62% of the total chain losses. Coinbase-backed Base protocol emerged as a notable target, experiencing losses across four projects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The blockchain protocol has reported a significant hack resulting in losses of approximately $200 million.<\/p>\n","protected":false},"author":70,"featured_media":346290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-346280","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mixin network loses nearly $200 mln in hack, details here - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The blockchain protocol has reported a significant hack resulting in losses of approximately $200 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/mixin-network-loses-nearly-200-million-in-hack-details-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mixin network loses nearly $200 mln in hack, details here - 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