Around $200 million worth of cryptocurrencies have reportedly been stolen after the cloud service provider used by a cryptocurrency network was hacked.
The news was confirmed on Saturday by the victim, Mixin Network, which said in a Twitter thread that unnamed threat actors attacked the company’s cloud service providers and managed to steal the money.
Although the company has suspended deposit and withdrawal services in response to the incident, in-network transfers are unaffected.
Price responds
While Mixin did not specifically mention which cloud provider it used, it said it had contacted Google and blockchain security firm Slow Mist to assist in the investigation.
The company expects to reopen its services once the vulnerabilities used in this attack are discovered and fixed. To address the assets lost in the attack, the company said it would announce the fix “afterward.”
“We will do our best to keep losses to a minimum and we sincerely apologize for this. Thank you everyone for your continued support,” the company added.
The network’s native token, Although cryptocurrencies are inherently volatile, 9% per day is still a big drop.
Cryptocurrency networks and bridges are a popular target among cybercriminals. Even state-sponsored actors, such as the Lazarus Group, often go for crypto projects and later use the stolen money to fund weapons programs and other cyberattack campaigns. Cryptocurrencies are also at the heart of every ransomware attack, as the threat actors only demand ransoms in digital currencies.
Through BleepingComputer