Cryptocurrency firm Mixin, based in Hong Kong, became a target of a substantial security breach resulting in a loss of around $200 million.
As revealed by Mixin on Twitter, the cyberattack impacted the company’s network’s cloud service provider’s database, leading to significant asset losses. Mixin, known as a digital asset transfer network, boasts one million users.
The company, in the wake of the security violation, temporarily halted user withdrawals from the network to address and fix the discovered vulnerabilities, although it maintains that transfers are not impacted. Mixin promised to resume services once a secure environment is re-established and also plans to disclose strategies on addressing the lost assets.
This incident is particularly alarming considering the last year’s record-breaking spike in crypto thefts, totaling losses up to $3.8 billion, underscoring the increasing risks in the digital asset domain.
Information for this briefing was found via twitter and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.