- Mixin Network temporarily suspends deposit and withdrawal services.
- SlowMist, a blockchain security firm, aids in the investigation.
- XIN token experienced an 8% price drop following the breach.
Mixin Network has temporarily halted its deposit and withdrawal services in the wake of a cyberattack that resulted in the compromise of approximately $200 million in funds, the company announced today.
Taking to X, formerly known as Twitter, Mixin Network revealed that it has enlisted the assistance of SlowMist, a blockchain security firm, to aid in the ongoing investigation.
SlowMist independently reported that the attack on the Mixin Network’s cloud service provider database occurred on Saturday.
The decision to reopen these services will be based on a consensus reached after thorough vulnerability assessments and subsequent fixes, as confirmed by Mixin.
Importantly, Mixin emphasized that this suspension would not affect regular transfers during this period. To shed light on the exploit, Mixin’s founder, Feng Xiaodong, is scheduled to conduct a livestream discussion in Mandarin at 1 p.m. Hong Kong time today.
Xiaodong acknowledged that, at this moment, the team can only guarantee the security of at least half of the assets. Consequently, Mixin’s native token, XIN, experienced a significant drop in value following the announcement, declining by approximately 8% at the time of this writing to $195, as per CoinGecko data.
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