Mixin Network Suffers $200 Million Hack

Key Takeaways

Mixin Network’s cloud service provider database was attacked on September 23, 2023, resulting in a loss of approximately $200 million.

Blockchain security firm SlowMist is assisting in the ongoing investigation.

Deposit and withdrawal services on Mixin Network have been temporarily suspended.

Security Breach and Financial Impact

In a significant security breach, Mixin Network’s cloud service provider database was compromised on September 23, 2023, Hong Kong time. The attack led to the loss of assets on the mainnet, with the funds involved estimated to be around $200 million. The announcement was made on September 25, 2023, via Mixin’s official Twitter account, which has garnered significant attention, accumulating over 140K views.

Investigation and Immediate Actions

Mixin Network has enlisted the help of blockchain security company SlowMist to assist in the investigation. SlowMist has also issued a security alert regarding the incident. In addition to SlowMist, Mixin Network has contacted Google for further assistance. Deposit and withdrawal services on the network have been temporarily suspended until vulnerabilities are confirmed and fixed. However, transfers between accounts remain unaffected during this period.

Community Reactions and Previous Incidents

The crypto community has expressed concern and frustration over the incident, especially considering the recent hacks involving Stake, CoinEX, and Remitano exchanges. Crypto detective ZachXBT highlighted the alarming frequency of these nine-figure hacks, stating, “Wtf another 9 figure hack (all liquid assets).

Upcoming Announcements

Mixin founder Feng Xiaodong is scheduled to explain the incident in a public Mandarin livestream at 13:00 HKT on September 25, 2023. The Mixin team will later summarize the content in English for broader dissemination. Plans on how to deal with the lost assets will be announced subsequently.

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Bankruptcy of FTX Incurs Over $200 Million in Legal Fees

An independent auditor has examined the legal fees incurred during the initial months of FTX’s bankruptcy, revealing a staggering amount exceeding $200 million. The auditor justifies these significant fees, considering the monumental nature of the task at hand.

Katherine Stadler, the court-appointed fee examiner, submitted a comprehensive report on June 20, analyzing the fees charged by law firms over a three-month period following FTX’s bankruptcy filing on November 11. Stadler concluded that these fees were reasonably justified during this period.

Stadler emphasized the unique circumstances surrounding FTX’s operations within a largely unregulated financial system. She highlighted the remarkable global scope of the case, the absence of corporate records, and the lack of basic corporate governance, making it an exceptional scenario.

Confirming that the team responsible for FTX’s bankruptcy had requested more than $200 million in fees since November, Stadler praised their prompt and effective efforts in turning around what she described as a “smoldering heap of wreckage.”

The breakdown of fees in Stadler’s report shed light on the charges imposed by law firms during the initial weeks of FTX’s Chapter 11 bankruptcy filing. It revealed that the 242 lawyers involved in the case billed hourly rates ranging from $388 to $2,165. Notably, 46 lawyers were billing at rates surpassing $2,000 per hour.

Given the complex nature of FTX’s bankruptcy proceedings and the immense challenges faced by the legal team, the substantial fees incurred can be deemed justified. As the proceedings continue, there will likely be further scrutiny and evaluation of these fees.


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