Hacker Stole $200 Million from a Cross-Chain Transfer Platform, Mixin Network

Crypto security

A hacker attack on the cloud service provider of Mixin Network, a cross-chain transfer platform, has resulted in a massive loss of assets worth about $200 million. Mixin Network confirmed the incident on September 23, following a report from SlowMist, a blockchain security firm.

Mixin Network said that the hacker breached its database in the early morning and stole some funds from the mainnet, which is the network where the actual transactions take place.

Mixin Network is a service that aims to make transfers between different blockchains faster and cheaper, by using a layer-2 solution that operates on top of the existing blockchains. However, this also means that it relies on a centralized database, which creates a vulnerability for hackers to exploit. According to its latest monthly report, Mixin Network supports over 100 assets with a total value of more than $1.1 billion. In July, it processed over 660,000 bitcoin transactions and nearly 180,000 ether transactions. The hacker attack has raised questions about the security and reliability of Mixin Network and other similar services.

According to CoinCarp, XIN which is the native token of Mixin Network, price is down -9.39% in the last 24 hours.