Hong Kong-based crypto firm Mixin announced a $200 million crypto theft after hackers attacked its network's cloud service provider.
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2023's largest theft
The incident marks the largest hack of 2023 and the tenth largest of all time, according to Elliptic.
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DAG model concerns
Mixin's directed acyclic graph (DAG) consensus model, which enables faster transactions and lower fees, raises concerns about digital asset security.
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High-profile thefts
The hack follows a series of high-profile thefts, including Coincheck's $530 million loss in 2018, making 2022 the worst year on record with $3.8 billion stolen.
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Withdrawals halted
Mixin has temporarily halted withdrawals but not transfers, promising to resume services once vulnerabilities are addressed.