Plunge

Token

Million

Mixin

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 <p><strong>In a stunning turn of events, Mixin Network, a high-speed peer-to-peer transactional network for digital assets, was at the centre of a significant DeFi exploit, resulting in a staggering $200 million loss. This incident, which occurred on September 23, has sent shockwaves through the cryptocurrency space, demonstrating once again the persistent allure of cybercriminals in the face of the crypto bear market.</strong></p> 
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    <p lang="en" dir="ltr">[Announcement] 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…</p>— Mixin Kernel (@MixinKernel) September 25, 2023
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 <h2 class="wp-block-heading" id="the-exploit-unveiled">The Exploit Unveiled</h2> 
 <p>The breach revolved around Mixin Network’s cloud service provider database, which fell victim to a relentless attack by hackers. The perpetrators siphoned off approximately $200 million in digital assets, leaving the platform and its users reeling from the substantial financial blow. Mixin Kernel, the network custodian, promptly reported the incursion on September 25, sparking a flurry of actions in response.</p> 
 <h2 class="wp-block-heading" id="security-measures-and-investigations">Security Measures and Investigations</h2> 
 <p>Mixin Network’s team swiftly initiated a coordinated response upon discovering the breach. They enlisted the aid of industry giants, including Google and the blockchain security company SlowMist, to assist in the investigation. An essential part of their strategy was temporarily suspending deposit and withdrawal services to protect the platform and its users from further harm.</p> 
 <p>The team remained tight-lipped about the exact nature of the vulnerabilities exploited, promising to resume services only when they could guarantee the security of users’ assets. Despite the uncertainty, they reassured the community that transfers would remain unaffected during this period of investigation and recovery.</p> 
 <h2 class="wp-block-heading" id="founder-s-address-and-centralisation-debate">Founder’s Address and Centralisation Debate</h2> 
 <p>To address the incident comprehensively, Mixin Network’s founder, Feng Xiaodong, stepped forward to provide insights and clarity during a livestream scheduled for September 25. While the initial broadcast would be in Mandarin, an English version was promised, indicating the platform’s commitment to transparency and global communication.</p> 
 <p>However, some observers noted a critical point of concern in the attack’s aftermath. Mixin Network, which positioned itself as a decentralised network, relied on a centralised database—a move that invited criticism and fuelled the ongoing debate on decentralisation in the crypto space.</p> 
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    <p lang="en" dir="ltr">An address connected to the recent $200M @MixinKernel #hack received 5 $ETH from the platform last year and deposited 5.9 $ETH on #Binance soon after.<br>Also, the hacker then swapped $USDT for $DAI to avoid being frozen.<br>See how the hackers used addresses in the Mixin attack below pic.twitter.com/x3rfyMAv5W</p>— 0xScope ( . ) (@ScopeProtocol) September 25, 2023
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 <h2 class="wp-block-heading" id="xin-token-suffers">XIN Token Suffers</h2> 
 <p>The repercussions of the attack reverberated through Mixin’s native token, XIN, causing its value to plummet by 8.5% in just 24 hours. At the time of reporting, XIN was trading at $195, a considerable drop from its recent weekend peak of around $216. The fall was particularly painful compared to its all-time high of $2,095 in January 2018, a high-water mark that remains distant as XIN struggles to recover even a fraction of its past glory.</p> 
 <h2 class="wp-block-heading" id="defi-landscape-and-security-challenges">DeFi Landscape and Security Challenges</h2> 
 <p>This breach adds to several security incidents across the DeFi space, as highlighted in SlowMist’s weekly security report. These incidents, ranging from phishing attacks to rug pulls and DNS hijacking, underscore the pressing need for robust security strategies within the crypto protocol landscape. As the cryptocurrency world navigates an evolving threat landscape, the imperative to strengthen security measures becomes increasingly evident.</p> 
 <p>In conclusion, the Mixin Network’s $200 million DeFi exploit is a stark reminder of the persistent vulnerabilities within the crypto space. It underscores the need for heightened security vigilance and the ongoing debate about the true meaning of decentralisation in a world where centralised points of failure can still lead to significant losses. As the investigation unfolds and the community awaits the founder’s address, the incident remains a cautionary tale for all stakeholders in the crypto ecosystem.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/mixin-network-s-200-million-defi-breach-and-xin-s-plunge-tbt63947.html">https://thebittimes.com/mixin-network-s-200-million-defi-breach-and-xin-s-plunge-tbt63947.html</a></p>

Mixin Network’s $200 Million DeFi Breach and XIN’s Plunge

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