The protocol's native token plunged to way below $200.
In an attempt to mitigate the damage, the services will only be resumed once all vulnerabilities are confirmed and fixed. Mixin assured its users that transfers would not be affected during this period. The Mixin team also stated that they will announce a solution for handling the lost assets once it has been determined.
Furthermore, Feng Xiaodong, the founder of Mixin, is set to give an explanation during a public Mandarin livestream on Sept. 25, shedding light on the incident.The news of the attack immediately impacted the market, causing the price of Mixin’s native token, XIN, to drop by about 10%. According to CoinGecko, XIN is currentlyAdditionally, the total value locked within the protocol has experienced a decrease of approximately $30 million following the attack.
This incident comes in the midst of a broader trend in the crypto space, with SlowMist’s weekly security report seven security incidents in the past week alone, ranging from phishing attacks to rug pulls and DNS hijacking. The report emphasizes the urgent need for comprehensive security strategies for crypto protocols in an environment filled with diverse threats.
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