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Mixin Network, a cross-chain transactional network for digital assets, suspended deposits and withdrawals following a hack that led to the loss of $200 million in funds over the weekend.<\/p>\n
The breach occurred after attackers managed to infiltrate the database of Mixin Network\u2019s cloud service provider.<\/p>\n
Mixin is engaging with both Google and blockchain security firm SlowMist to aid in the ongoing investigation.<\/p>\n
\u201cAfter discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed,\u201d the team said in an X post<\/a> on Monday.<\/p>\n \u201cDuring this period, transfers are not affected,\u201d it added.<\/p>\n They plan to provide users with guidance on handling lost assets in a forthcoming solution.<\/p>\n Mixin, backed by prominent Chinese influencer Li Xiaolai, describes itself<\/a> as a peer-to-peer network using a directed acyclic graph (DAG) data structure, designed to tackle scalability and privacy challenges observed in blockchains such as Bitcoin and Ethereum.\u00a0<\/p>\n The mainnet operated on 26 full nodes as of July, with the network holding assets valued at $1.1 billion, according to a monthly report<\/a>.<\/p>\n Some X users indicated criticism regarding the project\u2019s level of \u201cdecentralization,\u201d pointing to its reliance on a centralized frontend. Even genuinely decentralized protocols can be vulnerable<\/a> to centralized points of failure.<\/p>\n Mixin\u2019s $200 million breach now stands among the biggest crypto hacks this year and makes it one of the all-time largest, following notable incidents<\/a> like the Ronin Network, Poly Network and BNB Bridge hacks.<\/p>\n
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