{"id":181830,"date":"2023-09-26T13:40:12","date_gmt":"2023-09-26T13:40:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181830"},"modified":"2023-09-26T13:40:12","modified_gmt":"2023-09-26T13:40:12","slug":"biggest-crypto-hack-of-2023-mixin-network-shuts-down-withdrawals-after-losing-200m-to-hackers","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/biggest-crypto-hack-of-2023-mixin-network-shuts-down-withdrawals-after-losing-200m-to-hackers\/","title":{"rendered":"Biggest Crypto Hack Of 2023: Mixin Network Shuts Down Withdrawals After Losing $200M To Hackers"},"content":{"rendered":"

Mixin Network has suspended all deposits and withdrawals from its platform after a suspected hacker drained millions of dollars worth of tokens from the site in what is arguably the largest cryptocurrency exploit of 2023 so far.<\/p>\n

Mixin Network Grapples With $200 Million Security Breach<\/strong><\/h2>\n

Mixin Network was recently hit by a multi-million-dollar hack.<\/p>\n

Mixin confirmed that a security breach on September 23 drained over $200 million worth of cryptocurrencies from its mainnet. This is equivalent to half of the net TVL of all Mixin-based protocols, according to recent data.<\/p>\n

In its statement, the Mixin Network team revealed that hackers attacked its \u201ccloud service provider\u201d. An immediate freeze of all deposit and withdrawal services on Mixin Network followed the announcement. Transfers, however, will not be affected during this period.<\/p>\n

Mixin is a Hong Kong-based decentralized cross-chain transfer protocol developed to make transfers of assets like Bitcoin, Ethereum, XRP, Litecoin, and Dogecoin, among others, cheaper and more efficient.<\/p>\n

The team plans to restart withdrawals and deposits \u201cafter discussion and consensus among all nodes\u201d and after \u201cthe vulnerabilities are confirmed and fixed.\u201d <\/p>\n

While explaining this incident during a public Mandarin livestream, Mixin founder Feng Xiaodong noted that \u201cBitcoin was \u201cthe core asset\u201d stolen and that the team would compensate users \u201cup to a maximum of 50%\u201d for the stolen crypto assets. Feng said the remainder would be distributed to users as \u201ctokenized liability claims\u201d that Mixin would eventually repurchase \u201cwith its future profits.\u201d<\/p>\n

Soon after the news emerged, the Mixin Network\u2019s native crypto XIN fell sharply. XIN is trading at $199.61 as of press time, down some 4.4%, according to CoinGecko data.<\/p>\n

Crypto Community Reacts<\/strong><\/h2>\n

Many members of the crypto community were puzzled by the gargantuan $200 million hack on Mixin. <\/p>\n

In a Monday post, the CEO of Bitcoin mining pool BTC.TOP, Zhuoer Jiang asserted that Bitcoin stored in the Mixin protocol \u201cshould have never been stolen in the first place.\u201d Jiang observed that Mixin\u2019s Bitcoin would normally have been \u201ckept in cold storage\u201d and remained unaffected by the attack on the cloud service provider that compromised Mixin\u2019s hot wallets.<\/p>\n

Moreover, advocates of decentralization slammed the network\u2019s design, with a special focus on the team’s remark on the “database of Mixin Network’s cloud service provider” and the unexpected discontinuation of withdrawals, which triggered concerns that the network could be more centralized than what the team previously advertised. Others suggested the security breach was possibly the work of inside rug pullers.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mixin Network has suspended all deposits and<\/p>\n","protected":false},"author":3,"featured_media":181829,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBiggest Crypto Hack Of 2023: Mixin Network Shuts Down Withdrawals After Losing $200M To Hackers - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/biggest-crypto-hack-of-2023-mixin-network-shuts-down-withdrawals-after-losing-200m-to-hackers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biggest Crypto Hack Of 2023: Mixin Network Shuts Down Withdrawals After Losing $200M To Hackers - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Mixin Network has suspended all deposits and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/biggest-crypto-hack-of-2023-mixin-network-shuts-down-withdrawals-after-losing-200m-to-hackers\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-26T13:40:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/Biggest-Crypto-Hack-Of-2023-Mixin-Network-Shuts-Down-Withdrawals-After-Losing-200M-To-Hackers-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/biggest-crypto-hack-of-2023-mixin-network-shuts-down-withdrawals-after-losing-200m-to-hackers\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/biggest-crypto-hack-of-2023-mixin-network-shuts-down-withdrawals-after-losing-200m-to-hackers\/\",\"name\":\"Biggest Crypto Hack Of 2023: Mixin Network Shuts Down Withdrawals After Losing $200M To Hackers - 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