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Gamza Khanzadaev

Billions of Shiba Inu (SHIB) worth almost half million dollars on move by Hong Kong crypto start-up Mixin Network after $200 million hack

In a startling turn of events, Mixin Network, the Hong Kong-based peer-to-peer transactional network for digital assets, has made headlines as it grapples with the aftermath of a massive security breach. The incident, which has swiftly been dubbed the largest hack of 2023, saw the network’s cloud service provider’s database compromised, leading to losses amounting to approximately $200 million.

According to data from Etherscan, the hacker’s accounts now hold a staggering $142 million in assets, comprising 59,854 Ethereum (ETH) valued at $96.82 million, 23.55 million DAI and 891 Bitcoin (BTC).

In response to the incident, Mixin Network swiftly initiated an asset inventory process. This audit extended to Shiba Inu tokens, when a jaw-dropping 61.8 billion SHIB, valued at $448,000, were transferred to a new wallet. Remarkably, there are now no Shiba Inu tokens remaining in the old Mixin addresses, and their collective balance sits at $1.12 million. Meanwhile, the new address already boasts a portfolio valued at no less than $13.7 million.

Source: Etherscan

As the investigation unfolds, Mixin Network has made an unprecedented offer to the hackers. In a bid to reclaim the stolen funds, the network is willing to pay out a reward of $20 million, acknowledging the presence of a vulnerability in what was supposed to be a “decentralized” blockchain.

Furthermore, there are speculations of the FBI’s involvement in the case as there is a possibility that North Korean hackers are behind the audacious attack.

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