Mixin cryptocurrency hack resulted in the loss of $200 million

The Mixin cryptocurrency hack has led to the loss of about $200 million. This Hong Kong-based cryptocurrency firm announced that it had fallen victim to a massive cyberattack. The breach occurred last week and raised concerns about the crypto businesses’ security and reliance on cloud service providers.

Mixin announced the incident on its social media to share the news amongst its users. Moreover, the company suspended the deposit and withdrawal services to isolate the cybercriminal activity. The admins explained that they would reinstate these services only after confirming and fixing the vulnerabilities that led to the breach.

Mixin has not revealed the identity of the compromised cloud service provider. Still, it already indicated that it had enlisted the support of tech giant Google and a blockchain security team to conduct a thorough investigation. The company assured its partners they would create a comprehensive solution for recovering the lost assets, which they will announce in due course.

 

The Mixin cryptocurrency hack is the latest addition to this year’s collection of crypto attacks.

 

The Mixin cryptocurrency hack follows an alleged North Korean hacking incident against CoinEx that resulted in the theft of $31 million. This increasing activity of North Korean hacking groups in cryptocurrency-related cybercrimes has become a concern for the industry.

The cryptocurrency industry experienced a record year for cyberattacks in 2022 after hackers earned about $3.8 billion stolen from different companies compared to $3.3 billion in 2021. Further research also noted that most of these attacks came from the North Korean military.

The Mixin breach shows that the cryptocurrency ecosystem will face continuous threats from different threat groups since they could earn significant funds. These digital assets have many opportunities but will have issues safeguarding funds against cyber threats. Businesses should prioritise improving security measures and collaborate with experts to protect their users’ assets since these threat actors continue to upgrade their attacks.

As of now, the cryptocurrency community is waiting for updates on the investigation’s progress and Mixin’s plans on how to recover the stolen funds. Mixin users should be vigilant with their wallets as these threat actors could attack again and infect more users.