Mixin Network
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 10 → 63. Problems weighed by who is responsible: incidents the subject suffered −6.4, concerns that are not fraud −3.2, problems around the subject, caused by others −2.4; legitimacy credit long-running +10. 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 →Summary
Mixin Network is a Hong Kong-based layer-2 cross-chain payment protocol that suffered the largest single crypto hack of 2023 when attackers compromised its cloud service provider's database and drained approximately $200 million in ETH, BTC, and USDT. The network remains operational but has only partially compensated users, the majority of stolen funds remain unrecovered, and a dormant attacker wallet moved funds to Tornado Cash in February 2026.
Connected Entities
7 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- BigONE Exchange→mentioned with→Ethereum(65%)
- 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→Binance(60%)
- Tether→mentioned with→Bitcoin(60%)
- Mixin Network→mentioned with→Uniswap(65%)
- + 4 more
Timeline(9 events)
November 2017
Feng Xiaodong establishes the Mixin blockchain team in Hong Kong with fewer than 20 people.
23 September 2023
Attacker compromises the database of Mixin Network's cloud service provider; approximately $200 million in ETH, BTC, and USDT drained via 10,000+ unauthorized withdrawal transactions.
25 September 2023
Mixin Network publicly discloses the breach, suspends all deposits and withdrawals, and contacts SlowMist and Google for investigation support.
25 September 2023
Founder Feng Xiaodong holds live briefing; announces 50% immediate stablecoin repayment and 50% via future bond tokens (MDT).
26 September 2023
Mixin offers attacker a $20 million bug bounty for return of stolen funds. Offer is not accepted.
26 September 2023
Elliptic, Merkle Science, and Lookonchain publish on-chain analysis confirming asset breakdown: 59,807 ETH, 891 BTC, 23.57M USDT. Attacker immediately swaps USDT to DAI on Uniswap.
February 2024
Mixin Kernel officially launches Mixin Debt Token (MDT) in three tranches (MDTu, MDTe, MDTb) as the mechanism for the 50% deferred repayment.
October 2025
Mixin provides repayment update: MDTu (~$23 million) targeted for full repayment by September 2026; no timeline disclosed for MDTe or MDTb.
12 February 2026
Dormant attacker wallet moves 2,005 ETH ($3.85 million) through three newly created wallets to Tornado Cash — first movement of stolen funds in over two years. Remaining balance: approximately 57,849 ETH and 891 BTC.
Decision Log
- slot 455369545 · hash BUQAxam3S4nTTdNTKNdvP2tWgokh6HcPRgTiBcgEjaAP
- slot 421038840 · hash HSkTP6mqhaGF2RihYPKU9ewmSuEboaHzgkvMWnjUPRWJ
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 19 of 21 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:38 AM
last updated: 10/10/2026, 6:49:29 PM
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