Decentralized Wallet Service Mixin Network Suspends Withdrawals And Deposits After $200M Hack

The decentralized wallet provider, Mixin Network, has suspended its deposit and withdrawal services in the wake of a major hack, which resulted in approximately $200 million worth of crypto assets being stolen.

What Happened: Mixin Network announced X, that it had temporarily suspended operations after hackers attacked its systems. Blockchain security firm SlowMist is assisting with the investigation, and confirmed in a separate post that Mixin Network’s cloud service provider database was attacked on Saturday.

In a statement, Mixin said, “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.” The company’s founder, Feng Xiaodong, is expected to discuss the exploit during a livestream in Mandarin at 1 p.m. Hong Kong time today.

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During the session, Xiaodong stated that the team “can only ensure at least half of the assets are secure.”

In response to the announcement, the value of Mixin's token, XIN, fell by approximately 8% to $195, according to data from CoinGecko.

Why It Matters: The recent attack on Mixin Network, a platform backed by well-known Chinese influencer Li Xiaolai, was a significant blow to the decentralized exchange (DEX). The firm, which supports 48 public blockchain networks, boasts a combined network asset value surpassing the $1 billion mark.

Photo by Bits And Splits on Shutterstock

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