Mixin Network Offers $20 Million Bug Bounty Reward to Attacker
Cross-chain service Mixin Network has proposed a bug bounty reward of $20 million to the attacker who exploited the platform and reportedly stole $200 million. In an on-chain message flagged by blockchain security firm PeckShield, Mixin requested the return of its users’ funds and stated that the attacker could keep $20 million as a bug bounty reward. However, Mixin later provided an update stating that the losses were not as significant as initially estimated. The platform urged users to avoid making transactions or market activities on Mixin Network to prevent further losses. Specific reimbursement rules are still being developed.
Mixin’s $200 Million Hack
Mixin Network temporarily suspended deposit and withdrawal services after a reported $200 million exploit. The attack targeted Mixin Network’s cloud service provider database, resulting in the loss of some assets. Mixin confirmed the hack and enlisted Google and SlowMist to assist with the investigation. The platform plans to reopen services once vulnerabilities are fixed. It remains uncertain if this incident is related to recent security breaches at other crypto projects like OpenSea and Nansen.
Just Half of Users’ Assets Are Safe
Mixin founder Feng Xiaodong stated during a livestream that only at least half of the assets are currently secure. The team is working to recover the compromised money but acknowledges the difficulty of doing so. For the remaining assets, Mixin is considering issuing “bond tokens” for users to claim, with potential plans for a future buyback. Following the hack, Mixin’s token, XIN, has experienced a 25% decrease in value.
Hot Take: Implications of the Mixin Network Hack
The recent hack on Mixin Network raises concerns about the security of decentralized finance (DeFi) platforms and the vulnerability of third-party providers. This incident joins a series of high-profile exploits in the crypto industry, highlighting the need for stronger security measures. The bug bounty reward offered by Mixin Network demonstrates the industry’s efforts to incentivize hackers to return stolen funds and identify vulnerabilities. However, the recovery process and potential impact on affected users remain uncertain. The incident serves as a reminder for crypto users to exercise caution and conduct due diligence when engaging with DeFi platforms.
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