Friday, June 21, 2024

Hong Kong-Based Crypto Platform Mixin Suffers a $200 Million Loss Due to Hacking Incident.

On Monday, Mixin Network, a Hong Kong-based peer-to-peer transactional network for digital goods, reported on X that a hacker had gained access to its cloud service provider’s database and stolen about $200 million. Despite the region’s attempts to protect investors in digital assets, this is the second significant crypto heist to occur in Hong Kong this month.

Quick facts

  • Until the vulnerabilities are fixed, Mixin will stop offering deposit and withdrawal services. There will be regular transfers.
  • According to the founder of Mixin, Feng Xiaodong, the company may presently only reimburse impacted users up to a “maximum of 50%,” and the remaining amount will be paid back in bond tokens that the business would repurchase with its profits, according to PANews.
  • The hack comes after a security lapse on Hong Kong’s CoinEx, a cryptocurrency exchange that suffered a cyberattack on September 12 and suffered losses of almost US$70 million.
  • Given that some of the stolen money was routed to an account previously associated with the Lazarus Group, a blockchain analytics company named Elliptic believes the attack was carried out by a group supported by North Korea.
  • According to Chainalysis, a blockchain forensics company, hackers stole over US$3.8 billion in cryptocurrencies last year. Cybercriminals supported by North Korea stole US$1.7 billion of that total.
  • In an endeavour to become a global centre for cryptocurrency trading and to build barriers to protect investors from dishonest actors, Hong Kong has been putting in place a wave of regulatory measures this year. Following the implementation of its new regulations on June 1, authorised crypto trading platforms were now able to provide services to individual investors.
  • However, there have recently been issues in the region’s crypto business. In addition to the attacks, the Dubai-based cryptocurrency exchange JPEX was under investigation by the local police and financial authorities for fraud claims that cost 1,600 investors over US$154 million.
Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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