A $200 million loss for a Hong Kong firm due to a crypto hack is a cautionary tale
Hackers stole roughly $200 million from crypto startup Mixin early on Saturday, the company announced on social media site X on Monday, in what researchers claim is the greatest crypto theft of the year so far.
Mixin, which claims its headquarters as Hong Kong on LinkedIn, stated that the database of its network’s cloud service provider was “hacked, resulting in the loss of some assets” and that “the funds involved are approximately US$200 million.”
Mixin describes itself as a digital asset transfer network. According to its website, there are one million users. It announced on X, formerly known as Twitter, that it has halted enabling users to withdraw funds from the network, but that transfers were unaffected and that services will resume once the vulnerabilities were patched.
According to Mixin, it will propose a solution for “how to deal with the lost assets.” According to blockchain research firm Elliptic, the $200 million heist would be the 10th largest crypto hack of all time by amount of coin stolen, and the greatest so far in 2023.
According to blockchain researchers Chainalysis, hackers stole up to $3.8 billion in crypto last year, making it the worst year on record.
