Mixin Network has been hacked and has lost about $200 million of crypto assets. The crypto firm suspended deposits and withdrawals from its platform following the security breach.

Mixin Network said it will resume its services once it has confirmed and fixed the vulnerabilities that led to the hacking. It was reported that this incident involved the exposure of a third-party cloud service provider’s database.

As per CoinTelegraph, the peer-to-peer transactional network for digital assets confirmed the breach on its platform on Sept. 25. It revealed that the incident took place on Sept. 23, and hackers were able to siphon multimillion worth of crypto assets from its operational digital network.

To investigate the breach, Mixin Network turned to the SlowMist blockchain investigator and Google for assistance in recovering the stolen goods. In a separate probe carried out by PeckShield, Mixin had $94.48 million in Ether, $23.3 million in Bitcoin, and $23.55 million in Dai at the time of the breach.

Web3 SaaS analytics platform 0xScope also conducted an independent investigation and revealed that the hacker is linked with Mixin Network. It said that the address 0x1795, linked to the cybercriminal, received 5 ETH from Mixin in 2022. This amount was discovered to have been deposited into Binance later.

In any case, Mixin Network took to X, formerly Twitter, to inform its users and the public that it was hacked. On Monday, Sept. 25, the crypto firm wrote, “In the early morning of September 23, 2023, Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets.”

It also suspended its services by saying, “Deposit and withdrawal services on Mixin Network have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed.”

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