Mixin Network Offers $20M Bug Bounty to Retrieve Stolen Funds

Maxin Network experienced a breach in its third-party cloud server database, which led to the theft of digital assets valued at close to $200 million.
Mixin Network Offers $20M Bug Bounty to retrieve Stolen Funds

The decentralized cross-chain protocol Mixin Network offered a $20 million bug bounty in a message sent to the hacker who was in charge of the $200 million exploit on September 23.

Since the majority of the stolen money was user money, Mixin Network encrypted the message and sent it along with the exploiter transaction, asking the exploiter to return the money.  The message says, “Most of our platform assets were users, and we hope you can refund them. You can keep $20M of the assets as a BUG Bounty Reward for the BUG.”

On September 25, Mixin Network announced the exploit, claiming the exploiters had broken into a third-party cloud service provider and stolen nearly $200 million worth of platform assets.

However, there is an update by Maxin on Twitter, saying, “After several days, we have completed most of the asset tally work, and the situation is much more optimistic than expected. The losses are not as significant as estimated. Again, we remind everyone to avoid making transactions, market making, etc., on Mixin Network, for now, to prevent unnecessary losses.” 

However, it apologized for the asset losses and also added that the specific reimbursement rules still need some time.

Also Read: Mixin Network Founder Admits 50% Assets Are Safe

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