Mixin Network Seeks Asset Recovery After Breach
The Mixin Network, also known as Mixin Kernel, experienced a significant breach two days ago, resulting in a loss of $200 million. The team identified the network’s cloud service provider as the compromised point and has collaborated with Google and the Slowmist blockchain security team to investigate the incident. To recover the stolen assets, Mixin has sent an onchain message to the perpetrator, offering a reward in exchange for their return.
In the onchain message, Mixin appealed to the hacker, stating that most of the platform assets belonged to users and requesting a refund. They offered to let the hacker keep $20 million as a “BUG Bunty Reward” and provided contact details for reward arrangements. This move follows Coinex’s recent hack, where they also reached out to the hacker in an attempt to recover stolen funds.
Justin Sun also experienced a breach at HTX exchange, losing 5,000 ETH. In addition to offering a bounty for the return of funds, Sun proposed hiring the hacker as an HTX security consultant. While some hackers have returned stolen funds in response to similar appeals, many do not comply. Mixin’s offer is the third such bounty in just three weeks.
Hot Take: The Growing Trend of Bounty Offers for Stolen Crypto Assets
Recent breaches in cryptocurrency platforms have prompted a growing trend of offering rewards to hackers in exchange for returning stolen assets. Mixin Network and Coinex are among those employing this tactic after suffering significant losses. However, while some hackers have responded positively and returned portions or all of the stolen funds, others remain unyielding. Justin Sun took it a step further by proposing job opportunities for hackers. It remains to be seen whether these efforts will be successful in recovering lost assets or deterring future attacks. As the crypto industry continues to evolve, innovative approaches like these may become more common in combating cybercrime.
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