Security News > 2023 > September > Mixin suspends deposits and withdrawals after $200m cryptocurrency heist

Mixin Network confirmd on Monday that it has "Temporarily suspended" all deposit and withdrawal services after hackers broke into a database and stole about $200 million in funds from the Hong-Kong based cryptocurrency firm.

In a statement posted on the social media platform formerly known as Twitter, the digital biz said the incident happened early Saturday morning, when "The database of Mixin Network's cloud service provider was attacked by hackers. After initial verification, the funds involved are approximately US$200 million."

"After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed," the Mixin statement promised.

The crypto firm also noted that Mixin founder Feng Xiaodong will discuss the breach in a Mandarin livestream on Monday, which will be summarized in English after the broadcast.

The heist highlights "Inherent vulnerabilities" in open-source banking, KnowBe4 Security Awareness Advocate James McQuiggan told The Register.

The Mixin intrusion comes about a week after Elliptic blamed North Korea's Lazarus Group for the $54 million CoinEx heist against another Hong Kong exchange earlier this month.

News URL

https://go.theregister.com/feed/www.theregister.com/2023/09/25/mixin_200m_heist/