- Mixin Network halted deposits and withdrawals due to a $200 million breach.
- Blockchain security firm SlowMist is aiding Mixin in the security breach probe.
- The breach has caused Mixin’s token, XIN, to decrease by 8%.
In the face of the general market deceleration and bearish trend, Mixin Network, a Decentralized Finance platform, has halted deposits and withdrawals due to a breach in its system. As per the official statement, the platform experienced a theft of more than $200 million in cryptocurrency assets.
In an announcement on X, the firm stated that it will cease to support deposits or withdrawals of cryptocurrency assets on its platform. Nonetheless, the company clarified that asset transfers will continue to be permitted while they work on restoring other services.
The firm announced that the hacking incident was due to a compromise in the database of its project’s cloud service provider. Blockchain security company SlowMist is aiding Mixin in the ongoing probe related to the security breach.
Additionally, the firm stated that it had contacted Google for assistance locating and retrieving the misplaced assets in collaboration with SlowMist. Mixin’s primary focus is to identify and rectify the security flaws resulting from the breach.
According to the announcement, the Mixin team is set to disclose their strategy for retrieving the misplaced assets to their community. They have committed to revealing this plan in a livestream later today, led by their founder, Feng Xiaodong. Furthermore, they have assured that a translated version of the livestream will be provided for those community members and users who do not speak Mandarin.
The hacking incident has also influenced the performance of the platform’s inherent token, XIN. Even amidst dominant bearish circumstances, the token had sustained respectable performances until the disclosure of the hack became public.
CoinMarketCap data indicates that the token currently trades at $192, reflecting an 8% decrease in the last 24 hours. The weekly price chart shows a 10.66% reduction in its price, with the majority of this decrease occurring in the previous two days.
