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September 29, 2023

Mixin Network Responds to $200 Million Attack with Bug Bounty Offer

Rather than succumbing to adversity, Mixin Network has taken an audacious step, facing the attack that swept away $200M

In a surprising turn of events, Mixin Network, the once beleaguered cross-chain transactional network for digital assets, which recently faced a devastating attack resulting in a loss of $200 million, is now making an unexpected offer. The Hong Kong-based crypto firm has extended a bug bounty proposal to the individual responsible for the exploit.

In a heartfelt plea, Mixin Network has conveyed its desire for the return of users' assets, stating, "Most of our platform assets were users', and we hope you can refund them. You can keep $20 million of the assets as a BUG Bounty Reward for the BUG." This generous offer serves as a testament to Mixin's commitment to addressing the aftermath of the breach.

To facilitate this unusual dialogue, Mixin Network has provided contact information, urging the hackers to get in touch via for further details on the bounty reward. It's a unique approach in the crypto world, where adversarial relationships often prevail.

In response to the security breach, Mixin Network took immediate action by temporarily suspending deposit and withdrawal services to safeguard its users' assets. The halt remained in effect until vulnerabilities were identified and rectified through discussions and consensus among all network nodes. Furthermore, Mixin Network enlisted the expertise of blockchain security company SlowMist to aid in the investigation, underlining the seriousness of the incident.

In an attempt to reassure affected users, the Mixin team announced plans to unveil a solution for addressing the lost assets at a later date. Mixin founder Feng Xiaodong will host a live stream discussion in Mandarin, where he is expected to shed light on the exploit and share insights into the company's recovery efforts.

During the live stream, Xiaodong candidly stated that the Mixin team can currently "only ensure at least half of the assets are secure." However, in a promising development, it has been reported locally that the platform intends to refund users up to 50% of their incurred losses, with the remaining funds to be provided in the form of bond tokens. This proactive approach underscores Mixin Network's commitment to mitigating the impact of the breach and restoring trust among its user base.

Josefina Dipaolo
Neil Hodgson-Coyle
Content Writer at TechNews180
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