In an unsettling revelation, the Mixin Network declared that it encountered a serious security breach on its cloud service provider’s database on September 23. In the aftermath, a substantial sum, close to a staggering $200 million, was reported missing from the mainnet. This infiltration triggered a series of immediate actions directed at arresting the situation and preventing future occurrences of the such.
In partnership with tech giant Google and SlowMist, a reputed blockchain security firm, Mixin Network has embarked on a thorough investigation of the incident. This endeavour aims to discern evidence and crucial insights that could lead to identification and punishment of the threat actors responsible.
In a bid to ensure the integrity and safety of its customers’ assets, Mixin Network has temporarily halted deposit and withdrawal services. This measure serves to create an opportunity for a comprehensive review and consensus among all network nodes. It remains adamant that these services will only resume once all existing vulnerabilities are thoroughly scrutinised, addressed, and rectified.
However, in a slight twist of events, Mixin Network confirmed that transfers on its platform remain unhindered by the suspension. This means that users can continue to send and receive assets without fear of losing them.
Behind the scenes, the Mixin team is fervently devising a recovery strategy to make up for the losses incurred during the attack. The team promises to keep its community abreast of the developments and is preparing to unveil an official communique detailing the recovery plans it had set in motion.
In a sign of openness and transparency, the founder of Mixin Network, Feng Xiaodong, will be presenting a live Mandarin stream on September 25, 2023, at 13:00 HKT. This move is seen as a direct response to reassure all stakeholders and maintain trust.
With the backing of renowned Chinese investor KOL Li Xiaolai, Mixin Network aspires to offer a secure wallet solution for users. The network presently supports 48 public chains and boasts of assets exceeding $1 billion.
It’s worth noting, however, that this isn’t the first time a network has encountered such an intrusion. Networks like Balancer Protocol and Exactly Protocol were victims of hacks amounting to $2 million and $12 million respectively. With this growing threat, the blockchain industry stands in a period of vigilant self-scrutiny and enhanced security system development.
Source: Cryptonews
