Hackers Stole $200 Million from Mixin Network DeFi Protocol

The decentralized network of cloud service provider Mixin Network has been attacked. According to preliminary estimates, hackers withdrew approximately $200 million in crypto from the protocol.

On September 23, SlowMist analysts reported anomalous activity on Mixin Network, stating that ~$200 million in assets had been withdrawn. On September 25, the project team confirmed the incident.

Hackers managed to zero out assets in the protocol’s mainnet by breaking into Mixin Network’s database. The network’s deposit and withdrawal capabilities were suspended. The project team is working with Google and blockchain analysts on the investigation and plans to try to recover the lost assets.

According to PeckShield, Mixin Network had $141.32 million at the time of the attack, namely:

$94.48 million in ETH;
$23.55 million in DAI;
$23.3 million in BTC.
Feng Xiaodong, Founder of the protocol, promised users to share the details of the incident in a live stream, a link to which never appeared on any of the social platforms or on the official website. No plan to reimburse users for lost assets has also been announced either.

CoinGecko reports that quotes of the XIN token fell by about 8% after the announcement of the hack but recovered several hours later. At 14:00 (GMT+3) on September 25, the token price is $201.

In Q2 of this year, hackers managed to steal only about $313 million in crypto, while approximately half of the digital assets stolen in the first six months of the year were returned to users. Analysts also found out that a third of all hacker attacks in 2023 were committed by North Korean cybercriminals.