Decentralized Wallet Provider Mixin Faces a $200 Million Hack

Mixin Network announced that it had suffered a hack attack amounting to approximately $200 million on Saturday. Protocol’s founder, Feng Xiaodong, stated in a declaration today that only half of the user assets were secure as a result of the attack.

Mixin Network has been revealed to have faced an attack amounting to approximately $200 million. The company’s founder, Feng Xiaodong, announced that currently only half of the user assets are secure due to this attack.

We Can Save Half of the Assets…

According to founder Feng Xiaodong, access could only be provided to half of the users’ assets. “Regardless of your assets – be it Bitcoin or Ethereum – we will ensure that half remains unaffected,” he stated. Xiaodong highlighted the difficulty of retrieving the funds taken in the aftermath of the attack.

Following this assault, Mixin’s cryptocurrency, XIN, experienced an 8.6% drop in the last 24 hours, according to CoinGecko data, settling at a value of $194.

In light of this attack, founder Feng Xiaodong announced that the company plans to establish a new system to store user assets more securely. He also mentioned their consideration of issuing “bond tokens” for the purpose of reclaiming the lost assets.

After the hacking attack, Mixin temporarily suspended its deposit and withdrawal services. The blockchain security firm SlowMist was brought in for a detailed examination of the incident. SlowMist stated that Mixin Network’s cloud service provider database was attacked on Saturday and emphasized that once the full extent of the damage is understood, compensation for the losses will commence.

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