Cryptocurrency company Mixin confirmed on Monday a significant security breach that resulted in the theft of approximately $200 million, as reported on the social media platform X.
Mixin, a Hong Kong-based firm that specialises in digital asset transfers, disclosed that hackers targeted the database of its network's cloud service provider, leading to the loss of a substantial sum of assets. The company, which boasts one million users on its platform, took immediate action by suspending user withdrawals but ensuring that transfers remained unaffected. Services are slated to resume once the identified vulnerabilities are rectified.
Mixin also announced plans to unveil a strategy for addressing the lost assets in the wake of this security incident.
This unfortunate incident adds to a growing trend of cryptocurrency-related cyberattacks. Last year, hackers pilfered cryptocurrency worth as much as $3.8 billion, marking it as a record-breaking year for such security breaches, according to blockchain researchers at Chainalysis.