Mixin Network Suspends Services After Massive $200 Million Hack

Mixin Network has announced via Twitter that it has suspended deposits and withdrawals following a $200 million hack on Saturday. The attack targeted the database of Mixin’s cloud service provider and took place in the early morning of September 23, Hong Kong time.

The significant amount lost in the hack has caused distress among the platform’s users. Mixin has acknowledged the situation and stated that they will take action to address the loss of assets, though specific solutions will be announced at a later time. Mixin’s founder, Feng Xiaodong, will provide further explanations about the incident in a public address scheduled for today.

[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…

— Mixin Kernel (@MixinKernel) September 25, 2023

Blockchain trackers, such as Lookonchain and PeckShield, have identified approximately $141 million of the stolen assets, consisting of $93.5 million in ETH, $23.5 million in DAI (swapped from USDT), and $23.3 million in BTC. This incident ranks as one of the notable crypto heists this year, raising suspicions about the involvement of the Lazarus group.

The Lazarus group, known for their expertise in crypto heists, has been accused of stealing a total of $240 million worth of cryptocurrency this year. They have targeted platforms like Atomic Wallet, Alphapo, Stake.com, and CoinsPaid. Currently, there is no evidence linking the Mixin hack to Lazarus, and the North Korean group’s involvement has not been established. The investigation is ongoing.