Mixin Network has announced that it has suspended all deposit and withdrawal services after hackers stole around $200 million from the cryptocurrency firm.
Mixin Network has announced that it has suspended all deposit and withdrawal services after hackers stole around $200 million from the cryptocurrency firm.
Mixin describes its product as an "open and transparent decentralized ledger, which is collectively booked and maintained by 35 mainnet nodes." In other words, the Mixin Network is a decentralized exchange and cross-chain network that allows users to transfer digital assets.
In a statement on Twitter, the digital biz said the incident happened early Saturday morning, Hong Kong time and the hackers attacked the Mixin Network's cloud service provider database. Due to the substantial amount lost in the hack, the situation has seriously troubled the platform's users.
After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed, the Mixin statement promised. During this period, transfers are not affected.
The company contacted Google and crypto security firm SlowMist to help with the investigation. SlowMist confirmed its role and the amount stolen in a separate social media post. And Google-owned Mandiant confirmed to The Register that its incident responders assisted with the cleanup.
Mixin has stated that they would take action to address the problems caused by the loss of assets, but any solutions would be announced later.
The crypto firm also noted that Mixin's founder, Feng Xiaodong, will explain more about the breach in a Mandarin Livestream.
The Mixin intrusion comes about a week after Elliptic blamed North Korea's Lazarus Group for the $54 million CoinEx heist against another Hong Kong exchange earlier this month. Over the previous 104 days, the criminals stole almost $240 million from five separate hacks, according to the blockchain analysis firm. The Mixin incident is one of the most significant crypto heists this year, creating immediate suspicion about the Lazarus group being responsible for the attack.
The North Korean hackers, specialists in crypto heists, have been blamed for stealing $240,000,000 worth of cryptocurrency this year after compromising Atomic Wallet, Alphapo, Stake.com, and CoinsPaid.
So far, the Mixin hack has not been attributed to Lazarus, and no evidence points to the North Korean group being involved.
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