Mixin Network Founder Admits 50% Assets Are Safe

Because of the breach, Mixin Network temporarily stopped people from depositing and withdrawing funds.
Mixin Network Founder Admits 50% Asset are Safe

The founder of Mixin Network, Feng Xiaodong, has stated that they can only ensure the safety of 50% of their users’ assets after experiencing a $200 million hack over the weekend.

“No matter what your assets are — whether it’s Bitcoin or Ethereum — we will ensure that half of it is unaffected,” Feng Xiaodong, founder of Mixin Network, said today in a livestream. “We’re trying to find a way to recover the compromised money, but that is very difficult.”

For the rest of the assets, the Mixin Network team is thinking about creating “bond tokens” for users to claim, which they’ll buy back later. They also plan to make a safer system for user assets.

All of this has caused Mixin’s own cryptocurrency, called XIN, to drop by 9% in the past 24 hours. It’s now trading at $193 according to CoinGecko.

Related Posts