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September 25, 2023

Biggest Crypto Hack of the Year: Mixin Network Announces $200,000,000 Exploit

By Daily Hodl Staff

Peer-to-peer crypto project Mixin was hacked over the weekend in what is the biggest crypto exploit of 2023 so far. 

Today, Mixin Network announced on social media platform X that its cloud service provider was attacked by hackers, resulting in a loss of approximately $200 million.

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“We have contacted Google and blockchain security company Slow Mist to assist with the investigation. After initial verification, the funds involved are approximately US$200 million. 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. During this period, transfers are not affected.”

According to blockchain sleuth and crypto investigator ZachXBT, the stolen crypto assets included Ethereum (ETH), Bitcoin, (BTC), and Tether USD (USDT).

ZachXBT also posted the apparent addresses of the hackers to his Telegram channel.

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According to BlockSec, a crypto security firm, the attacker drained Mixin’s Ethereum addresses from biggest to smallest balance in about 10,000 transactions. The firm also says the attacker was likely able to compromise Mixin’s security by gaining access to its data cloud. 

“Although we are not clear about Mixin’s internal security architecture, based on these facts, combined with the previously disclosed information that the database was compromised, it can be inferred that:

1) the private keys of Mixin deposit addresses are stored in a recoverable manner.

2) the attacker compromised the cloud and recovered the private keys of deposit addresses (and hot wallet addresses).”

If the total assets stolen from Mixin Network total more than $200 million, it will make it the biggest crypto hack of the year, with the $197 million Euler Finance hack, which occurred in March, in a close second. 

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Featured Image: Shutterstock/jiang jie feng/Sensvector