Mixin Network
Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -2.4 |
| Long-running | +10 |
| Sum | 63 |
Score: 63/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-10-27 · 8 of 10 claims confirmed · 1 need better sources · 1 disputed
anchored·5KaK61…s8grSummary
Mixin Network is a Hong Kong-based cross-chain layer-2 payment protocol that lost approximately $200 million in ETH, BTC and USDT on September 23, 2023, when attackers compromised the database of its cloud service provider and drained its hot wallets, the largest crypto hack of 2023. The network kept operating and compensated users 50% up front with the rest issued as debt tokens repayable from future profits, but most of the stolen funds remain unrecovered and the attacker began moving ETH through Tornado Cash in February 2026. The breach exposed a centralized custody architecture at odds with Mixin's self-description as a decentralized peer-to-peer network.
Connected Entities
9 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- Monero→mentioned with→Binance(70%)
- BigONE Exchange→mentioned with→Ethereum(65%)
- Monero→mentioned with→Bitcoin(60%)
- BigONE Exchange→mentioned with→Bitcoin(70%)
- Binance→mentioned with→Tether(60%)
- Binance→mentioned with→Ethereum(65%)
- Uniswap→mentioned with→Bitcoin(60%)
- Uniswap→mentioned with→Ethereum(80%)
- Mixin Network→mentioned with→Monero(60%)
- + 11 more
Connected Through
8 shared actors · 600 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- ♦Bitcointoken
- □Binanceorganization
- ⌂Uniswapprotocol
Timeline(10 events)
November 2017
Feng Xiaodong establishes the Mixin blockchain team in Hong Kong with fewer than 20 people.
September 2023
September 23 (Hong Kong time): attackers compromise the database of Mixin Network's cloud service provider and drain approximately $200 million in ETH, BTC and USDT via more than 10,000 unauthorized withdrawal transactions.
Elliptic / TechCrunchSeptember 2023
September 25: Mixin publicly discloses the breach, suspends all deposits and withdrawals, and engages SlowMist and Google to investigate.
CoinDeskSeptember 2023
September 25: founder Feng Xiaodong announces by livestream that users will receive 50% of losses immediately and 50% via bond tokens repayable from future profits.
The Block / DeFi PlanetSeptember 2023
Mixin sends an on-chain message offering the attacker a $20 million bug bounty for return of the rest of the stolen funds (dated September 25 or 26 depending on the report). The offer is not accepted.
Benzinga / BitcoinistSeptember 2023
Elliptic and Merkle Science publish on-chain analyses (dated September 25 or 26 depending on the report) giving the asset breakdown of 59,807 ETH, 891 BTC and about 23.5-23.57 million USDT; Elliptic labels the attacker wallets in its screening tools. The attacker swaps the USDT to DAI on Uniswap.
Elliptic / Merkle ScienceFebruary 2024
Mixin Kernel launches the Mixin Debt Token (MDT) in three tranches (MDTu, MDTe, MDTb) for the 50% deferred repayment.
Mixin SupportOctober 2025
Mixin repayment update: MDTu (about $23 million) targeted for full repayment by September 2026; no timeline disclosed for MDTe or MDTb.
Bitget NewsFebruary 2026
February 12: after more than two years of dormancy, the wallet tagged 'Mixin Hacker' by Arkham Intelligence sends 2,005 ETH (about $3.85 million) to Tornado Cash, routed through intermediate address 0x9cba859288Fa0b4eC43EBB90Bb64a9DbBDDc787f in 20 transactions.
Decrypt / The BlockFebruary 2026
February 13: three newly created wallets receive a combined 2,087 ETH from Tornado Cash and sell it at about $1,933 per ETH. The attacker wallet still holds about 57,849 ETH and 891 BTC.
FinanceFeedsDecision Log
- slot 462182893 · hash 4SirrSzACJgoQo4xVu6sLnETueRxi9av3tzvXTn9zPVH
- slot 462182888 · hash HxHPUKwK5bY8ePoA8GKZrSwWsDsxY1UR1rqhrWiKd7eV
- slot 455369545 · hash BUQAxam3S4nTTdNTKNdvP2tWgokh6HcPRgTiBcgEjaAP
- slot 421038840 · hash HSkTP6mqhaGF2RihYPKU9ewmSuEboaHzgkvMWnjUPRWJ
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 30 of 30 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/4/2026, 2:54:38 AM
last updated: 10/27/2026, 7:06:28 PM
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