The biggest crypto heist of 2023 struck the investors

Emre Çitak
Sep 26, 2023
Crypto & Blockchain

Investment in crypto-assets is unregulated, may not be suitable for retail investors and the entire amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail here.

On a fateful Sunday, Hong Kong-based cryptocurrency company Mixin fell victim to a devastating breach, and the result of the Mixin hack incident is approximately $200 million.

The breach occurred on September 23, 2023, in the early hours of Hong Kong time, when hackers targeted the database of Mixin Network's cloud service provider. This cyberattack prompted the company to take immediate action.

Mixin announced on its social media platform X, formerly known as Twitter, that as a security measure, it had temporarily suspended deposit and withdrawal services on the Mixin Network. The company emphasized its commitment to resolving the vulnerabilities that led to the breach. They also initiated an investigation by enlisting the support of Google and the crypto security firm SlowMist.

See the company's announcement on the Mixin hack incident below.

How did the Mixin hack happen?

Mixin, known for its decentralized exchange and cross-chain network, boasts an open and transparent decentralized ledger maintained by 35 mainnet nodes. Despite its commitment to security and decentralization, the breach left many questions unanswered regarding how hackers managed to compromise the system.

Google confirmed its involvement in the incident response through its subsidiary Mandiant. However, neither Mixin nor SlowMist provided immediate comments from multiple sources on the Mixin hack situation.

0xScope has described how the Mixin hack happened as follows:

How will the Mixin hack be compensated?

Although it was initially promised that Mixin founder Feng Xiaodong would announce this Mixin hack incident in a public Mandarin live stream on September 25 at 13:00 Hong Kong time, links to the live stream were not provided on official social media channels such as X (formerly Twitter) or on the official website

However, according to PANews' report, regarding the stolen assets, the official said that the current maximum compensation is 50%, and the remaining part will be paid in the form of bond tokens. This means that if you have an investment in the platform, it will take time to fully recover your loss.


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