Decentralised finance project Mixin Network has suspended deposits and withdrawals after suffering a hack involving $200 million in crypto assets, the entity said through a post on X, the firm previously known as Twitter.
The breach was caused by a compromise in the project’s cloud service provider’s database, according to blockchain security firm SlowMist, which is assisting Mixin in the investigation. “Regarding how to deal with the lost assets, the Mixin team will announce the solution afterward,” Mixin wrote in the post.
Mixin Network aims to help blockchains handle more transactions by processing more with zero fees, according to its white paper. The top 100 assets on the network were valued over $1.1 billion, according to its July monthly report. The project’s native token XIN was trading at $194, down 8.6% over the past 24-hours, according to data from CoinGecko.
