The DeFi ecosystem has experienced another cyber-attack recently. Mixin Network protocol’s cloud service provider database was affected in this recent attack.
The Mixin Network platform is specially created to handle blockchain scalability problems. It is just like another layer-2 protocol created to ensure that cross-chain transfers are more efficient and cheaper.
However, its challenge is that it has to run a centralized database, which makes room for a point of failure.
READ ALSO:What are Altcoins – Understanding Their Types, Pros, Cons, and Future of Alternative Coins
Fast Facts
- Mixin Network announced that it has experienced a cyber-attack to confirm the reports of a blockchain security consultancy firm, SlowMist.
- The result of the scam attack on Mixin Network is estimated at nearly $200 million on its mainnet. Following this attack, the protocol temporarily suspends its deposit and withdrawal services.
- Furthermore, Mixin Network announced that it is collaborating with Google and SlowMist, a blockchain security firm, to investigate the attack.
- After all its weaknesses are unveiled and fixed, the protocol can only commence its service provision. Meanwhile, the network guarantees its users that its transfers won’t be affected during this period.
- In addition, the Mixin Network team disclosed that they would announce the remedy for managing the lost assets immediately after the loss is confirmed.
- Later in the afternoon today, the founder of Mixin Network, Feng Xiaodong, will be explaining a public Mandarin livestream to shed more light on the incident.
- In addition, the overall asset value held in the network decreased by almost $30 million after the attack.
What’s Happening In Crypto Today?
At the time of this writing, the price of Bitcoin is at $26,110.91, with a drop in market cap by 1.75% and an increase in trading volume by 68.55%.
On the side of Ethereum, its current price is at $1,576.71, with a drop in market cap by 1.07% and an increase in trading volume by 117.33%.
- Meanwhile, Tether USDT is selling at $0.9997, with a drop in market cap by 0.03% and an increase in trading volume by 57.19%.
- Whereas BNB is now trading at $208.95, with a decline in its market cap by 0.79% and an increase in trading volume by 57.02%.
- XRP, on the other hand, is trading at $0.4943, with a drop in its market cap by 2.88% and an increase in trading volume by 85.42%.
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