Mixin Network Offers Hacker 10% of Stolen Funds as Bug Bounty
Mixin Network, a blockchain protocol that recently fell victim to a $200 million hack, has made an interesting proposal to the hacker. Instead of pursuing legal action, the project is offering the hacker 10% of the stolen funds as a bug bounty. This approach is different from other protocols that have suffered hacks this year, as many choose to negotiate with hackers and offer them a reward for returning the funds.
Mixin Network Reveals Losses Are Smaller Than Expected
After maintaining silence since the hack, Mixin Network has revealed that its losses are not as significant as previously believed. The team has completed most of the asset tally work and stated that the situation is more optimistic than expected. However, they did not provide specific details about the amount lost or how much will be reimbursed to users.
Blockchain Communications Start With Hacker
Mixin Network is attempting to contact the hackers through blockchain messages. They have asked the hackers to keep $20 million worth of assets as a bug bounty and return the rest. Users who have lost funds in the hack have also sent messages to the hacker, appealing for their money to be returned.
Successful Negotiations with Hackers in the Past
Other projects in the crypto space have successfully negotiated with hackers in similar situations. For example, Curve Finance and Euler Finance were able to recover stolen funds by reaching agreements with hackers. These cases show that negotiation can sometimes lead to positive outcomes.
Hot Take: Mixin Network Takes Unconventional Approach in Dealing with Hack
Mixin Network’s decision to offer the hacker a bug bounty instead of pursuing legal action is an unconventional approach in dealing with a hack. While many projects choose to negotiate with hackers and offer rewards for returning stolen funds, Mixin Network is taking a different path by directly offering a portion of the funds as a bug bounty. This approach may provide an opportunity for the hacker to redeem themselves and return the remaining amount, potentially benefiting both parties involved.
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