Blockchain is a protocol that aims to alleviate scalability issues. Mixin Network (XIN), He fell victim to a cyber attack that resulted in losses of close to $200 million.
Mixin Network Suffered a Major $200 Million Cyber Attack
Hackers targeted the database of Mixin Network’s cloud service provider, causing assets on the main network to be depleted. “The funds in question are approximately 200 million US dollars,” Mixin Network said in its official statement.
After the cyber attack, the price of Mixin dropped to $192.
Mixin Network functions as a layer-2 protocol-like service strategically designed to facilitate cost-effective and streamlined cross-chain transfers.
However, as widely noted on social media platform Twitter, the weakness of this system lies in its dependence on a central database, which leaves a single vulnerable point open to such attacks.
According to a comprehensive monthly report from July, the total value of the top 100 entities operating on the Mixin Network is just over $1.1 billion.
The company also achieved significant transaction volume, reporting 663,489 unique Bitcoin (BTC) transactions and 179,647 Ethereum (ETH) transactions during the same period.
This significant security breach serves as a stark reminder of the ongoing challenges and vulnerabilities in the blockchain and cryptocurrency landscape, underscoring the critical need for increased security measures and robust protocols to protect digital assets.
*This is not investment advice.
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