The operators of the Mixin Network disclosed that hackers had stolen around $200 million in funds in the largest known hack of the year (to date). Mixin Network is a cross-chain project that boasts zero transaction fees.
In their announcement, Mixin wrote that “the database of Mixin Network’s cloud service provider was attacked by hackers”, leading to some confusion as Mixin is supposed to be a decentralized network that ostensibly shouldn’t have a centralized cloud database.
Mixin announced they would be suspending deposits and withdrawals pending analysis of the incident. They also told users that they would be compensated “up to a maximum of 50%” on assets that had been stolen from them, and receive “tokenized liability claims” (that is, IOUs) for the rest.
This content was sourced from Web3IsGoingGreat