Decentralized wallet carrier Mixin Network lost $200 million worth of crypto resources in a hack over the weekend.

In an X post on Sunday, blockchain security firm SlowMist disclosed that Mixin’s cloud carrier provider database used to be attacked on September 23. The SlowMist group mentioned they were assisting with the investigation.

Mixin confirmed the hack in an X post of its hold, verifying that $200 million worth of funds were inquisitive about the exploit. The community mentioned it had briefly suspended withdrawals and deposits on the platform, and would reopen the products and services once all vulnerabilities had been mounted.

In a livestream at 1 pm Hong Kong time, the platform’s founder Feng Xiaodong mentioned that in the intervening time, the group can most productive vouch for half the resources in search recordsdata from being secured.

Mixin’s native token XIN sold off sharply following the news of the exploit, and is in the intervening time trading at $195, down 8.6% over 24 hours.

Fixed with its web space, Mixin has secured better than $1 billion in entire cost since its open in 2017. The contaminated-chain platform facilitates snappily and atmosphere pleasant detect-to-detect transactions through its orderly contracts.

On the opposite hand, market participants were rapidly to point out the irony of the true fact that the root motive of the hack for a platform that considers itself decentralized used to be a vulnerable cloud carrier provider that depends on centralized servers.