The Mixin Network was hit by an exploit on Sunday, resulting in a loss of up to $200 million, as reported in a tweet by the team earlier today.

Centralized cryptocurrency exchanges have long been a focal point in the world of digital assets, offering traders and investors a convenient platform to buy, sell, and trade various cryptocurrencies. However, as the popularity of cryptocurrencies continues to rise, so too do the dangers associated with these centralized exchanges. One of the most prominent risks is the potential for hacking and security breaches. Centralized exchanges store vast amounts of user funds and personal information on their servers, making them attractive targets for cybercriminals.

Over the years, we have witnessed several high-profile hacks that have resulted in the loss of millions, and even billions, of dollars in cryptocurrencies. These incidents not only highlight the vulnerability of centralized exchanges but also raise questions about their ability to safeguard user assets.

Cogni removes all centralized risks, by providing a self-custodied wallet for our users (ie. non-custodial); so Cogni never holds crypto for the benefit of others.