Hong Kong-based crypto company Mixin recently announced that it fell victim to a hack, resulting in the theft of approximately $200 million. The company stated that its cloud service provider’s database was attacked by hackers, leading to the loss of assets. As a result, deposit and withdrawal services on Mixin Network have been temporarily suspended until the vulnerabilities are fixed.
The company has reached out to both Google and crypto security firm SlowMist to aid in the investigation. Mixin describes itself as an open and transparent decentralized ledger that allows users to transfer digital assets. It boasts one million users as of July 2023 and emphasizes security, privacy, and decentralization in its software.
The hack on Mixin’s database raises questions about how hackers were able to breach the system, especially considering the platform’s decentralized nature. Mixin has yet to provide specific details about the incident or announce any solutions for the stolen assets.
This breach marks the largest theft in the crypto world this year, according to data from Rekt, an organization that tracks hacked crypto organizations. The previous highest theft occurred in March when Euler, a crypto lending platform, lost around $197 million in an attack.
Google confirmed that its cyber incident response firm, Mandiant, has been engaged by Mixin to assist with the incident response. Both Mixin and SlowMist have yet to respond to requests for comment.
The crypto industry continues to face challenges in terms of security and protecting user assets. As the value of digital assets increases, hackers are becoming more sophisticated in their attack methods. It is essential for companies in the crypto space to prioritize security measures and establish robust systems to prevent such breaches.
UPDATE, September 25, 3:46 p.m. ET: This story was updated to include comment from Google’s spokesperson.
