Mixin Network Offers $20 Million Bug Bounty to Hackers: Latest News

Mixin Network offers a $20 million bug bounty to hackers as a reward for returning the remaining funds after a $200 million exploit. Get the latest news on BeInCrypto.

Posted 8 months ago in Security


Mixin Network Hack

Mixin Network, a blockchain protocol that became a victim of a $200 million exploit, has offered the hacker 10% of the amount as a bug bounty. Although many crypto protocols suffered from large hacks this year, some hackers prefer settling with the project’s team and keeping a specific amount as a white hat reward.

The X (Twitter) account of the Mixin Network had maintained radio silence since Sept. 25, when it lost $200 million to hackers. However, today, the team informed through its X account that it has completed most of the tally work, and the amount lost is smaller than previously believed.

Mixin Network wrote: “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.

“Regarding the asset losses, we can only take responsibility through action besides apologizing. At the same time, being responsible has always been Mixin’s attitude. Specific reimbursement rules still need some time.”

Blockchain Communications Start With Hacker

Besides not giving information on the reimbursement of users, the company did not specify how much was lost. However, Mixin Network is trying to contact the hackers through blockchain messages. It has asked the hackers to keep $20 million worth of assets as bug bounty and return the remaining amount.

BeInCrypto also discovered another message from an Ethereum Naming Service (ENS) address “fbi-crime-complaint-center-ic3-florida.eth.” The supposedly Federal Bureau of Investigation (FBI) address asked hackers to negotiate the funds’ return before they started investigating the hackers’ identity.

Euler Finance is one example of successful negotiation with hackers. In April 2023, Euler Finance hackers agreed to return all the stolen funds after stealing nearly $200 million through a flash loan attack.

Do you have anything to say about Mixin Network hackers or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Last updated 9/27/2023, 7:21:34 PM

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