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Mixin network loses nearly $200 mln in hack, details here

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The blockchain protocol has reported a significant hack resulting in losses of approximately $200 million.

Crypto hack Mixin network

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  • The network has been critiqued for relying on a centralized database, which poses a single point of failure.
  • Mixin Network’s founder announced plans to address the issue in a live stream session.

Mixin Network, a protocol aimed at tackling blockchain scalability challenges, recently confirmed that it suffered a substantial hack. The incident came to light following a report by SlowMist, a blockchain security consultancy.

On the early morning of 23 September, Mixin Network experienced a cyberattack on its cloud service provider’s database. The attack led to the loss of assets on the platform, totaling nearly $200 million.

The network promptly responded to the breach, acknowledging the severity of the situation.

Centralized aspect of the network exposed as vulnerability

Mixin Network operates as a service akin to a layer-2 protocol, with a primary objective of facilitating cost-effective and efficient cross-chain transfers.


However, it has been critiqued for relying on a centralized database, which poses a single point of failure. This centralized nature may have contributed to the vulnerability exploited by hackers during the breach.

According to data from a July monthly report, the top 100 assets on the Mixin Network had a combined value exceeding $1.1 billion. During the same month, the platform recorded 663,489 unique monthly transactions involving Bitcoin [BTC] and 179,647 transactions involving Ethereum [ETH].

In response to the breach, Mixin Network’s founder announced plans to address the issue in a live stream session scheduled for later.

DeFi Dominance: Hacks and Losses in August 2023

The crypto network is no stranger to hacks and scams. In August 2023, the web3 ecosystem faced crypto losses totaling $23 million, as revealed in a comprehensive report by Immunefi, a leading bug bounty and security platform.

Hacks were the primary cause of these losses, amounting to $15 million, while frauds contributed $7 million.

DeFi projects bore the brunt of the attacks, with Ethereum, Base [BASE], and BNB Chain accounting for 62% of the total chain losses. Coinbase-backed Base protocol emerged as a notable target, experiencing losses across four projects.


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Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
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