Base

Security

Mixin

Time

A decentralized P2P platform, Mixin Network <a href="https://twitter.com/MixinKernel/status/1706139175018529139?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1706139175018529139%7Ctwgr%5E02690b73f9a07528d827b004bd66af317d5c283e%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fmixin-network-hack-200-m-crypto-assets">reported</a> about a hack that occurred on September 23rd which resulted in the theft of around $200 million worth of cryptocurrency assets from its mainnet. 
<h2 id="span-style-font-weight-400-mixin-suspended-withdrawals-and-deposits-span">Mixin Suspended Withdrawals and Deposits</h2> 
As per the report, there was an immediate suspension of all deposit and withdrawal services on Mixin Network following the disclosure on September 25th. The hack involved the breach of a third-party cloud service provider’s database.&nbsp; 
<h3 id="span-style-font-weight-400-stolen-usdt-converted-to-dai-span">Stolen USDT Converted to DAI</h3> 
As per an analyst from 0xScope, the hacker converted the stolen Tether (USDT) assets into DAI cryptocurrency as a precautionary measure to avoid potential freezing or restrictions on the funds. 
<h2 id="span-style-font-weight-400-slowmist-takes-charge-span">SlowMist Takes Charge</h2> 
Mixin has enlisted the services of blockchain investigator SlowMist, as well as sought assistance from Google, in response to the security incident, in order to investigate the hack and work towards a potential recovery. 
In an interesting revelation by the Web3 SaaS analytics platform <a href="https://twitter.com/ScopeProtocol/status/1706264439882944999?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1706264439882944999%7Ctwgr%5E02690b73f9a07528d827b004bd66af317d5c283e%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fmixin-network-hack-200-m-crypto-assets">0xScope</a>, there is a historical connection between the hacker and Mixin Network which links to a 2022 breach with the address 0x1795, which has been associated with the hacker, receiving 5 ETH from Mixin, that were subsequently deposited into Binance. 
<h3 id="span-style-font-weight-400-mixin-founder-to-address-the-incident-span">Mixin Founder to Address the Incident</h3> 
It’s worth noting that there were reports that Mixin founder Feng Xiaodong would address the incident in a public Mandarin livestream at 1:00 pm Hong Kong Time on September 25. However, it was observed that links to the livestream were not made available on official social media channels or the official website. 
Binance’s Chief Security Officer, Jimmy Su, has recently discussed how hackers and scammers have shifted their focus towards cryptocurrency users, particularly those with <a href="https://thecoinrise.com/crypto-hackers-targets-users-with-poor-security-hygiene/">inadequate “security hygiene.”</a>&nbsp; 
According to Su, these malicious actors have established a robust ecosystem on the dark web, collaborating to target and defraud unsuspecting but less secure users. As reported by TheCoinRise in August, the decentralized exchange RocketSwap, which operated on the Base network, also experienced an <a href="https://thecoinrise.com/hackers-steals-870k-from-rocketswap-on-base/">exploit resulting in the theft of 471 Ethereum (ETH)</a>, equivalent to approximately $870,000. 
The post <a rel="nofollow" href="https://thecoinrise.com/mixin-network-exploited-for-200m-worth-of-crypto/">Mixin Network Exploited for $200M Worth of Crypto</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Mixin Network Exploited for $200M Worth of Crypto

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