Hong Kong-based decentralized finance (DeFi) project Mixin Network lost around $200m in cryptocurrency in one of the biggest hacks targeting a web3 platform.
Mixin Network confirmed the attack on September 25, 2023, in a public statement posted on X. According to the statement, the attackers compromised Mixin’s cloud service provider database on September 23, resulting in the loss of around $200m in cryptocurrency.
Mixin stated that deposit and withdrawal services on Mixin Network have been temporarily suspended and will be reopened once the vulnerabilities are confirmed and fixed. During this period, transfers are not affected.
They have contacted Google and blockchain security company Slow Mist to assist with the investigation.
A public update by Mixin’s founder Feng Xiaodon was live-streamed from Hong Kong in Mandarin in which he explained how to deal with the lost assets to the platform’s users. Mixin would publish summaries in English shortly afterward.
According to DeFi dashboard DeFi Llama, Mixin lost around $30m in total value locked (TVL), a metric used to measure the total value of digital assets locked or staked in a particular platform.
The Mixin protocol and its XIN token were launched in 2017 to provide support for cross-chain transactions. They are used by around 10,000 decentralized applications (DApps) worldwide.
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