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On 25 September, crypto platform Mixin Network announced that hackers attacked its cloud service provider, leading to an approximately $200 million loss. The company revealed that the 23 September incident has forced it to (temporarily) suspend deposits and withdrawals.
The platform explained that it would reopen the suspended services after confirming & fixing the vulnerabilities. It added that transfers will remain unaltered during the assessment period.
Mixin chief Feng Xiaodong will highlight the event on 25 September at 13:00 Hong Kong time in public Mandarin. Further, the team will explain how users can deal with their lost assets afterward. Meanwhile, blockchain security firm SlowMist will help in the investigation.
Mixin Network is a decentralized P2P transactional platform for crypto undertakings, supporting 48 public chains. It has assets surpassing $1B in value.
Mixin token XIN reacted to the hacking news with a sharp decline early on Monday. The alt lost around 10% to trade at $195.
Source – Coinmarketcap
XIN’s bearishness matches the broad market outlook. Bitcoin has painted its price charts red. The bellwether crypto lost 2.36% and 1.93% over the past week and 24 hours, respectively. Also, it dropped 0.32% on its 1-hour chart.
Other related news
Fraudsters continue to create havoc in the crypto sector. NFT platform OpenSea has cautioned its users about a security breach on one of its vendors. The marketplace explained that the incident may not have immediate effects on users. Nonetheless, it potentially exposes customers’ API keys.
Application programming interface keys are codes for identifying a user or application in computer app authentication. OpenSea’s API allows developers to capitalize on the network’s data and create experiences using non-fungible tokens.
OpenSea advised users to denounce and immediately replace their current keys with newly made options with similar rate limits and permissions. The NFT company confirmed that the existing API keys will expire on 2 October.
The post Mixin Network halts deposits and withdrawals following $200M hack appeared first on Invezz.
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