In an unfortunate turn of events, Hong Kong-based crypto company Mixin reported a significant security breach on September 23. The breach led to unauthorized access to their cloud service provider's database, losing approximately $200 million worth of digital assets from the mainnet.
As an immediate response, TechCrunch reported that Mixin engaged both Google and blockchain security firm SlowMist to aid in the investigation.
The company temporarily suspended deposit and withdrawal services on Mixin Network in light of the breach. These services will be reinstated following a comprehensive review and rectification of the identified vulnerabilities by all nodes involved.
BERLIN, GERMANY - JANUARY 25: In this photo illustration a young man types on an illuminated computer keyboard typically favored by computer coders on January 25, 2021 in Berlin, Germany.
Mixin's Security Breach
Mixin Network, as described by the company, is a decentralized exchange and cross-chain network facilitated by "35 mainnet nodes." It is designed to provide an open and transparent decentralized ledger for seamless transfer of digital assets.
Despite being structured as a decentralized platform, the breach raises questions about how such a significant security breach could occur within Mixin's supposedly robust system.
"In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team to assist with the investigation," the crypto company said in an X post.
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Google's Response
Google spokesperson Melanie Lombardi confirmed to TechCrunch the involvement of Mandiant, a cyber incident response firm that Google acquired last year, in supporting Mixin's response to the incident.
That indicates a collaborative effort between Mixin and Google to address the breach effectively. Mixin's founder, Feng Xiaodong, is scheduled to address the incident in a public livestream conducted in Mandarin on September 25 at 13:00 HKT.
This event aims to provide a transparent account of the situation and outline the steps Mixin intends to take regarding the lost assets. A subsequent summary of the livestream will be made available in English for easy reference.
Amid this unfortunate event, Mixin emphasized its commitment to minimizing losses and sincerely apologized to its community for any inconvenience caused. They also express gratitude for the continuous support they've received.
"Regarding how to deal with the lost assets, the Mixin team will announce the solution afterward. Mixin founder Feng Xiaodong will explain this incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. Please help spread the word. We will summarize the content in English afterward for easy reference. We will try our best to minimize the losses and deeply apologize for this," Mixin said in a press statement.
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