Mixin Network Suffers $200 Million Hack: Shiba Inu Tokens Worth Hundreds of Thousands on the Move

Mixin Network has suffered a $200 million hack, with Shiba Inu tokens worth hundreds of thousands of dollars being transferred to a new wallet. The network is offering a $20 million reward to reclaim the stolen funds.

Posted 8 months ago in Security


Shiba Inu tokens being transferred to a new wallet

In a startling turn of events, Mixin Network, the Hong Kong-based peer-to-peer transactional network for digital assets, has made headlines as it grapples with the aftermath of a massive security breach. The incident, which has swiftly been dubbed the largest hack of 2023, saw the network's cloud service provider's database compromised, leading to losses amounting to approximately $200 million.

According to data from Etherscan, the hacker's accounts now hold a staggering $142 million in assets, comprising 59,854 Ethereum (ETH) valued at $96.82 million, 23.55 million DAI, and 891 Bitcoin (BTC).

In response to the incident, Mixin Network swiftly initiated an asset inventory process. This audit extended to Shiba Inu tokens when a jaw-dropping 61.8 billion SHIB, valued at $448,000, were transferred to a new wallet. Remarkably, there are now no Shiba Inu tokens remaining in the old Mixin addresses, and their collective balance sits at $1.12 million. Meanwhile, the new address already boasts a portfolio valued at no less than $13.7 million.

As the investigation unfolds, Mixin Network has made an unprecedented offer to the hackers. In a bid to reclaim the stolen funds, the network is willing to pay out a reward of $20 million, acknowledging the presence of a vulnerability in what was supposed to be a "decentralized" blockchain. Furthermore, there are speculations of the FBI's involvement in the case as there is a possibility that North Korean hackers are behind the audacious attack.

Last updated 9/28/2023, 5:10:12 PM

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