Mixin Network Suffers $200M Hack Due to Centralized Database Vulnerability

Mixin Network confirms $200M hack of its cloud service provider database.
Mixin is a layer-2 network aimed at efficient cross-chain transfers, but relies on a centralized database.
Top 100 assets on Mixin were worth over $1.1B in July, with 663K BTC and 179K ETH monthly transactions.
Mixin's centralized database was a single point of failure that was exploited by hackers.
Mixin's founder will address the hack in a live stream later today.

coindesk.com

Relevant topic timeline:

9/25/2023

Crypto Platform Mixin Loses $200 Million in Major Hack

Hong Kong-based crypto company Mixin announced that hackers breached its cloud service provider and stole approximately $200 million, leading to the temporary suspension of deposit and withdrawal services while the vulnerabilities are fixed. The company has engaged the help of Google and SlowMist to investigate the incident. The hack on Mixin is the largest theft in the crypto world this year, surpassing the previous record set by Euler, a crypto lending platform.

10/2/2023

Crypto Exploits Cost Nearly $330M in September; Mixin Network Attack Accounts for Over Half

The Mixin Network cross-chain protocol accounted for almost two-thirds of the $329.8 million in crypto stolen in September, making it the worst month of 2023 for crypto-related exploits.