Mixin Network Offers Bug Bounty to Exploiter
Mixin Network, the cross-chain transactional network for digital assets that suffered a $200 million attack on September 23, has extended an offer of a bug bounty to the exploiter. In a note on Etherscan, the company requested that the hacker refund the users’ assets and offered to let them keep $20 million as a bug bounty reward. Mixin urged the hackers to contact them for further information.
Temporary Halt and Assistance from SlowMist
Following the hack, Mixin temporarily suspended deposit and withdrawal services until the vulnerabilities were fixed. The platform also announced that SlowMist, a blockchain security company, would assist with the investigation. Mixin founder Feng Xiaodong will discuss the exploit in a live stream in Mandarin on Monday.
Mixin: Situation is “More Optimistic”
Mixin stated in a separate post that the situation is “much more optimistic than expected” after completing an asset tally. The platform reassured users that the lost assets were not as significant as estimated. However, asset transactions and market making services remain suspended to prevent further losses. Specific reimbursement rules are still being developed.
“Regarding the asset losses, we can only take responsibility through action besides apologizing. At the same time, being responsible has always been Mixin’s attitude. Specific reimbursement rules still need some time.”
According to a local report, Xiaodong mentioned that users would be refunded up to 50% of their losses, with the remaining funds paid in bond tokens.
Hot Take: Mixin Network Takes Steps to Address Hack
Mixin Network is actively working to address the recent hack that resulted in significant losses for users. By offering a bug bounty to the exploiter, Mixin aims to recover the stolen assets and prevent further damage. The platform has also enlisted the assistance of SlowMist to investigate the incident. While the situation is more optimistic than initially thought, asset transactions and market making services remain suspended for now. Mixin is committed to taking responsibility for the losses and developing reimbursement rules to support affected users. With these measures in place, Mixin is taking proactive steps towards resolving the aftermath of the hack.
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