It’s protocol is focused on tackling blockchain scalability challenges without resorting to a centralized database.
Alas, the Mixin Network had to acknowledge a security breach – as reported by SlowMist, a blockchain security consultancy.
Approximately $200 million worth of assets on the mainnet were lost due to an attack on the cloud service provider’s database on September 23. Mixin Network, a service resembling a layer-2 protocol for enhancing cross-chain transfers, has faced criticism on Twitter for its reliance on a centralized database, which poses a single point of failure.
[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…— Mixin Kernel (@MixinKernel) September 25, 2023
As of July, the top 100 assets on the Mixin Network had a combined value slightly exceeding $1.1 billion. During that month, Mixin Network recorded 663,489 unique monthly transactions involving Bitcoin (BTC) and 179,647 transactions involving Ethereum (ETH).