Mixin Network has become the latest victim of hacks. It is a decentralized peer-to-peer network for digital assets, Due to this attack, this crypto platform lost $200 million worth of crypto assets. If something is centralized, the risk is usually higher to becoming a victim. As soon as people hear the word decentralized, they think it is more secure and safe.
So how did the attackers attack this crypto platform? If there is any aspect of centralization, attackers may target that to get their job done. Hackers attacked the database of Mixin Network's cloud service provider to hack and steal $200 million in crypto assets.
Mixin Network tweeted about this incident on social media X. Mixin Network team contacted Blockchain security firm SlowMist to investigate and find possible ways to recover the stolen funds. SlowMist also tweeted about this hack from its social media account X and mentioned losing $200 million in crypto assets.
SlowMist is investigating about Mixin Network hack and we will get more information later as they make progress. Mixin Network halted the deposit and withdrawal services for the time being. They will figure out the vulnerabilities and fix them first. Then they might resume deposit and withdrawal services.
It seems decentralization is a buzzword that many crypto projects use just to draw attention. If they really pay more attention to the decentralization aspect of their crypto project, that will help to gain more trust and recognition from the general people. Unfortunately, some crypto projects turn decentralization into a joke.
They control and operate their projects in a centralized manner, but try to make it look like decentralized. Hackers find more vulnerabilities and that makes their job easy to exploit and hack the crypto platforms. Crypto projects are hacked and exploited over and over.
People reacted in different ways to the hack of Mixin Network. Hopefully, it would not be a rug pull. Some people say it is predictable and hundreds of so called decentralized networks like Mixin Network would get hacked. We will get to know the truth.
Mixin Network team cannot deny their responsibility. We love to see crypto projects doing well and becoming successful which will drive mass adoption of crypto.
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Reference: 1.
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