Mixin Network's $200M Security Breach: Details and Reactions
Mixin Network faced a security breach this Sunday, leading to a potential loss of around $200 million, as announced on their official Twitter.
This network, known for its cross-chain asset transfer wallet and decentralized exchange, supports multiple cryptocurrencies including Bitcoin, Ethereum, and Dogecoin, among others.
The intrusion was directed at its “cloud service provider”, with assets worth up to $200 million possibly compromised. In response, Mixin has temporarily halted deposits and withdrawals. The restart of these services awaits consensus from the 35 mainnet node validators.
Mixin's founder, Feng Xiaodong, is set to publicly address the issue via a Mandarin livestream on September 25 at 12am EST.
Despite having their security vetted by recognized firms like SlowMist, IO Active, and CertiK (as cited on their Github), the incident occurred. Mixin's team is now collaborating with Google and SlowMist for the ongoing investigation.
Decrypt is in touch with Mixin and the auditing firms for more insights.
Critics of the project, favoring decentralization, have spotlighted the event to question the network's true decentralization levels, especially given the reliance on a centralized cloud provider and the decision to suspend withdrawals.
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