Mixin Network Losses Nearly $200M in Hack

Mixin Network has confirmed a report from SlowMist, a blockchain security consultancy, that it has been .

“In the early morning of September 23…the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet,” . “The funds involved are approximately US$200 million.”

Mixin Network is a service similar to a layer-2 protocol, designed to make cross-chain transfers cheaper and more efficient.

But the problem with this, as many have pointed out on Twitter, is that it’s reliant on a centralized database, creating a single point of failure.

According to a monthly report from July, the top 100 assets on the Mixin Network have a value of just over $1.1 billion.

The firm reports that there were 663,489 unique monthly transactions of bitcoin (BTC) and 179,647 ether (ETH) transactions during July.

Mixin Network’s founder is set to address the issue in a live stream later in the afternoon.

Edited by Parikshit Mishra.