$200M Hacked out of Mixin Network

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.

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).