Hackers Stole $200 Million From Hong Kong's Mixin in Biggest Crypto Theft of the Year

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In the largest cryptocurrency theft so far this year, hackers stole around $200 million from Hong Kong-based crypto firm Mixin early on Saturday.

Mixin Network is a service similar to a layer-2 protocol, designed to make cross-chain transfers cheaper and more efficient.

The breach was caused by a compromise in the project’s cloud service provider’s database, according to blockchain security firm SlowMist, which is assisting Mixin in the investigation. Deposits and withdrawal services were immediately suspended on the protocol. However, developers said transfers would not be affected as the investigation continues.

Mixin founder Xiaodong Feng said Bitcoin was “the core asset” stolen and that developers would compensate users “up to a maximum of 50%” for the stolen assets. Feng said the remainder would be…