Users of hacked Mixin Network question project's 'decentralized' nature

The founder of ‘decentralized’ wallet provider Mixin Network has told users that the firm will ensure only “half” of their assets are safe, following a $200 million hack over the weekend that left users wondering how decentralized the project really is.

In a Mandarin-speaking livestream on Monday, founder Feng Xiaodong said attempts to recover the lost funds were ongoing but “very difficult,” the Block reports. As a result, the company is looking into alternative ways to recoup user assets, as well as a new system for hosting user funds.

While only half of the total user assets on the network are not affected, the other half may be recouped through what Feng called “bond tokens,” which users can claim in the hopes that Mixin Network will buy them back one day.

Read more: Phishing attack on software firm Retool enabled Fortress Trust hack: CoinDesk

At press time, Mixin’s token XIN has dropped 9% since the news broke, from $212 to $192. Mixin has temporarily suspended deposits and withdrawals while it sorts itself out.

‘Decentralized’ Mixin likely hacked via Google Cloud

According to Mixin, the hack was made possible through a breach of its cloud service provider’s database.

“In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers,” Mixin announced two days later on X (formerly Twitter), “resulting in the loss of some assets on the mainnet.”

The firm continued that it had contacted Google and SlowMist to aid in its investigation — suggesting its cloud provider was Google Cloud.

Read more: Mark Cuban narrowly avoids $2.5M loss in $900K crypto hack

Users on X were quick to point out that Mixin’s hack suggested the project isn’t as decentralized as it may appear.

“Spot the error: the database of a decentralized network got hacked,” one user wrote. “Google cloud you said? $200M you said?” another commented.

“I thought it was decentralized?” one questioned.

While Mixin announced the upcoming livestream with its founder Feng in its announcement post, Mixin didn’t publicly share the link when it took place this morning.

The account has not posted since.

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