Biggest Crypto Hack of 2023 Wipes Out Mixin Wallets
Thieves Make Off With $200 Million
Overt Operator
September 26, 2023
Peer-to-peer crypto project Mixin fell victim to a major hack over the weekend, resulting in the loss of approximately $200 million.
The hack is considered the biggest crypto exploit of 2023 so far. Mixin Network, the project's cloud service provider, announced the attack on social media platform X and stated that they have contacted Google and blockchain security company Slow Mist to assist with the investigation.
According to blockchain sleuth and crypto investigator ZachXBT, the stolen crypto assets included Ethereum (ETH), Bitcoin (BTC), and Tether USD (USDT). ZachXBT also shared the apparent addresses of the hackers on his Telegram channel.
Crypto security firm BlockSec provided some insights into the attack. They reported that the attacker drained Mixin's Ethereum addresses from the biggest to the smallest balance in approximately 10,000 transactions. BlockSec also noted that the attacker likely gained access to Mixin's data cloud, compromising the project's security.
If the total assets stolen from Mixin Network exceed $200 million, it will become the largest crypto hack of the year. The current record is held by the $197 million Euler Finance hack, which occurred in March.
The hacking incident has led to the temporary suspension of deposit and withdrawal services on Mixin Network. However, after discussing the vulnerabilities and achieving a consensus among all nodes, these services will be reopened once the issues are fixed. During this period, transfers on the network are not affected.
The Mixin Network hack highlights the ongoing challenges and risks associated with the crypto industry. Despite advancements in security measures, hackers continue to find ways to exploit vulnerabilities and compromise platforms. Incidents like this serve as a reminder for individuals and organizations in the crypto space to remain vigilant and prioritize cybersecurity.
The investigation into the Mixin hack is ongoing, with assistance from Google and Slow Mist. As the details unfold, industry participants will be closely watching to see how the project addresses the security issues and how it plans to mitigate the potential impact on its users and the wider crypto community.
The Mixin hack serves as a crucial reminder that the crypto industry needs to continue evolving and developing robust security measures. Projects must remain proactive in identifying and addressing potential vulnerabilities to protect themselves and their users from malicious attacks.