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On September 25, Mixin Kernel verified that it had suffered a cyber attack leading to the depletion of assets on its mainnet. The decentralized exchange has consequently ceased all deposit and withdrawal functionalities and intends to resume normal operations only after a thorough investigation of the incident is concluded.

Approximately $200 Million in Assets Compromised

The security breach on Mixin Kernel’s platform, which unfolded two days prior, involved a staggering $200 million in assets, according to an official statement released through X (formerly known as Twitter).

In addition to halting deposit and withdrawal activities on the Mixin network, the organization has enlisted the expertise of Google and blockchain security specialists Slowmist to address the issue. The exchange emphasized that normal services will recommence only after the vulnerabilities have been ascertained and rectified.

The acknowledgment of the cyber intrusion by Mixin Kernel followed closely on the heels of a security warning released by the Slowmist team regarding the attack.

Founder Feng Xiaodong is Scheduled to Provide Updates

Furthermore, the team at Mixin Kernel announced that its founder, Feng Xiaodong, would present an update on the measures being adopted to recoup the misappropriated funds. This update is slated for September 25, at 1:00 a.m. EST, and will be conducted via a livestream. In an accompanying statement, the team stated:

We urge everyone to disseminate this information. A summary of the discussion will subsequently be made available in English for convenient reference. We are committed to minimizing the impact of this unfortunate event and extend our sincerest apologies for the inconvenience caused. We thank everyone for their enduring support.

Public Queries and Speculations

On social media platforms, some individuals have raised questions about the paradox of decentralized platforms relying on centralized cloud services. Additionally, one user has gone as far as to label the hacking event as a rug-pull scheme orchestrated by CEO Cedric Fung.

We invite your perspectives on this significant security breach. Feel free to share your views in the comments section below.

Frequently Asked Questions (FAQs) about Mixin Kernel Security Breach

What happened to Mixin Kernel?

Mixin Kernel experienced a cyber attack on its mainnet that resulted in the loss of assets. The event unfolded two days before the official acknowledgment on September 25.

How much money was compromised in the Mixin Kernel hack?

Assets worth approximately $200 million were compromised in the security breach.

Has Mixin Kernel suspended its services?

Yes, Mixin Kernel has temporarily suspended all deposit and withdrawal services on its network. The exchange plans to resume normal operations once vulnerabilities have been identified and resolved.

Who is assisting Mixin Kernel in resolving this issue?

Mixin Kernel has enlisted the help of Google and blockchain security firm Slowmist to investigate and address the vulnerabilities that led to the hack.

When can we expect updates from Mixin Kernel regarding the security breach?

Mixin Kernel’s founder, Feng Xiaodong, provided an update on measures being taken to recover the lost funds via a livestream on September 25, at 1:00 a.m. EST.

What has the public reaction been to the Mixin Kernel hack?

There has been a range of reactions on social media platforms, with some users questioning the reliance of decentralized platforms on centralized cloud services. Additionally, one user speculated that the hacking event might be a rug-pull scheme orchestrated by CEO Cedric Fung.

What will Mixin Kernel do to minimize the impact of this security breach?

While specifics are yet to be revealed, the Mixin Kernel team has stated that they are committed to minimizing the losses and they extend their deepest apologies for the event. They are actively working to identify and resolve the vulnerabilities that led to the hack.

More about Mixin Kernel Security Breach

  • Mixin Kernel Official Statement
  • Slowmist Security Alert Regarding Mixin Kernel
  • Livestream Update from Feng Xiaodong
  • Decentralization and Centralized Cloud Services: A Debate
  • Definition of a Rug-Pull Scheme
  • Cybersecurity Best Practices for Decentralized Exchanges

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9 comments

FinanceGuru01 September 26, 2023 - 1:08 am

Feng Xiaodong better have a solid plan. 200M is not a small change!

Reply
MarketWatchMel September 26, 2023 - 2:34 am

Anyone else disturbed by how common these hacks are getting? Security needs to step up, and fast.

Reply
CryptoQueen September 26, 2023 - 6:25 am

can’t believe they’re using Google to help fix this. So much for being ‘decentralized’, huh?

Reply
SkepticalSam September 26, 2023 - 12:50 pm

Livestream to update? Guess they’re trying to be transparent. still doesnt make up for the loss though.

Reply
TechSavvyTom September 26, 2023 - 1:48 pm

Its like these companies don’t get it. If you’re decentralized, act like it! Stop relying on centralized services.

Reply
JohnDoe42 September 26, 2023 - 3:26 pm

Wow, 200 mil gone just like that? Makes u wonder how ‘secure’ these platforms really are.

Reply
BlockChainBilly September 26, 2023 - 4:56 pm

Slowmist issued a warning and then bam, Mixin confirms it. Slowmist is clearly on top of their game.

Reply
EmergingTechFan September 26, 2023 - 7:36 pm

Seriously, if you’re in crypto you’ve got to be ready for volatility, but this? This is next level.

Reply
Sarah_Invests September 26, 2023 - 10:05 pm

rug-pull by CEO? really? Let’s not jump to conclusions without evidence guys. Innocent till proven guilty.

Reply

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