the $200M Hack: Mixin Network Shuts Down Deposits and Withdrawals, Sending Shockwaves through the Tech World

TechWizard: Mixin Network Halts Deposits and Withdrawals Following $200M Hack

TechWizard: Mixin Network Halts Deposits and Withdrawals Following $200M Hack

On 25 September, crypto platform Mixin Network announced that hackers attacked its cloud service provider, resulting in a loss of approximately $200 million. As a result, the company has temporarily suspended deposits and withdrawals. The platform plans to reopen these services once it has confirmed and fixed the vulnerabilities. Transfers will not be affected during the assessment period. Mixin Network’s chief, Feng Xiaodong, will address the incident on 25 September at 13:00 Hong Kong time in public Mandarin. The team will also provide instructions on how users can handle their lost assets. Blockchain security firm SlowMist will assist with the investigation.

Mixin Network is a decentralized peer-to-peer transactional platform that supports 48 public chains and has over $1 billion in assets. Following the hacking news, the value of Mixin token XIN experienced a sharp decline, losing around 10% and trading at $195 on Monday. This decline aligns with the broader market outlook, as Bitcoin has also experienced losses of 2.36% and 1.93% over the past week and 24 hours, respectively.

In related news, the crypto sector continues to face challenges from fraudsters. NFT platform OpenSea has warned its users about a security breach on one of its vendors. Although the incident may not have immediate effects on users, it potentially exposes customers’ API keys. OpenSea’s API allows developers to utilize the network’s data and create experiences using non-fungible tokens. OpenSea advises users to denounce their current keys and replace them with newly generated options with similar rate limits and permissions. The existing API keys will expire on 2 October.

Source: Coinmarketcap

This article was originally published on Invezz.