DeFi
New DeFi Exploit Targeting Mixin Network Witnesses Loss of $200 Million
Mixin Network temporarily suspended withdrawal and deposit services for the detection of vulnerabilities and the implementation of adequate solutions.
The bear market in the crypto sector has remained ineffective in deterring cyber criminals as they continue their malicious activities. The new instance in this respect deals with the exploit that targeted Mixin Network (a blockchain platform that has a high throughput). On 23 September, the data of the Mixin network’s cloud service-providing forum saw the attack.
Mixin Network Sees an Exploit Resulting in a Loss of $200 Million
The respective event paved the way for the loss of up to $200M, as per Mixin Kernel. The platform’s team pointed out that they have contacted SlowMist (a blockchain security firm) and Google in this respect. As per the team, they communicated with these platforms to get assistance in the investigation.
Also Read: Phishing Scam: Victim Loses USDTs worth $4.5 Million
The platform has put a provisional suspension on withdrawal and deposit services. In addition to this, the team brought to the front that it would reopen the respective services. However, it disclosed that there is a requirement for the detection of the vulnerabilities and the implementation of adequate solutions.
Firm’s Founder Will Elaborate on the Incident in an Upcoming Livestream
The company did not provide any additional details in this respect. On 25 September Feng Xiaodo (the founder of Mixon) will elaborate on this event in a livestream, according to the team. Furthermore, the team brought to the front that an English version of the respective session would follow it. A few of the observers disclosed that the decentralized network of Mixin depended on a centrally controlled database, which turned into the failure point.
Additionally, the total value locked off the protocol has dropped around $30M since the exploit. At the moment, it stands at $352M, as per DeFiLlama. Mixin provides a speedy network for the peer-to-peer transfer of digital assets. Moreover, it lets the rest of the blockchain-distributed ledgers get high transfers per second as well as zero transfer charges and fast confirmations.
