Mixin Community Provides Hacker $20 Million Bug Bounty To Return Stolen Belongings

Cross-chain protocol Mixin Community has supplied the hacker behind the $200 million exploit a $20 million bug bounty reward to return the stolen property. 

Mixin Woos Hacker With $20 Million Bug Bounty

Based on blockchain safety agency Peckshield, the bug bounty provide was communicated as an on-chain message, with Mixin urging the unhealthy actor to offer again the loot, most of which belongs to platform customers. 

Associated Studying: One other Crypto Change Has Been Hacked Simply 3 Days After CoinEx

The message learn: 

Most of our platform property had been customers’, and we hope you possibly can refund them. You may maintain $20M of the property as a BUG Bunty Reward for the BUG. Contact us through [email protected] for the reward particulars.

A bug bounty refers to compensation that builders provide to people for uncovering or reporting software program bugs. It’s often employed as an incentive for moral hackers to find program vulnerabilities earlier than unhealthy actors do. 

Mixin Community, who suffered a $200 million exploit on Sunday, is now utilizing this technique to barter a return of many of the stolen property. Based on an announcement on Monday, the cross-chain protocol confirmed that the heist occurred because of an assault on the database of its community cloud service supplier.

This marks the third time within the final week {that a} crypto challenge was affected by an assault on a third-party supplier after NFT market OpenSea and on-chain analytics platform Nansen suffered related fates. 

Up to now, the challenge’s founder, Xiaodong Feng, has assured customers that as much as 50% of all stolen funds might be restored. Thereafter, the remaining debt might be settled through bond tokens, which Mixin will buy again from customers sooner or later. In the meantime, all withdrawal and deposit companies on Mixin nonetheless stay suspended. 

Mixin Shares Newest Replace On Investigation

Following the hack on Sunday, the builders of the cross-chain protocol confirmed through a put up on X on Wednesday that it contracted Google and blockchain safety agency SlowMist to assist in its investigative efforts.

[Update]
The primary time the incident occurred, we contacted Google (Mandiant) and blockchain safety firm @SlowMist_Team to help with the investigation.

After a number of days, we’ve accomplished many of the asset tally work, and the state of affairs is rather more optimistic than… https://t.co/ySOHCkGK7t

— Mixin Kernel (@MixinKernel) September 27, 2023

On this put up, Mixin claims to have nearly finalized its asset rely, and the state of affairs appears a lot better than anticipated, because the losses are lesser than initially calculated.

The assertion learn: 

After a number of days, we’ve accomplished many of the asset tally work, and the state of affairs is rather more optimistic than anticipated. The losses should not as important as estimated.

Associated Studying: CoinEx sheds mild on hack investigation, withdrawals and compensation plans

The cross-chain protocol additionally urged customers to remain off the community for now to keep away from additional losses.

On the time of writing, XIN, a local token of Mixin, trades at $147.01 with a 4.19% achieve on the final day, exhibiting indicators of restoration from its crash on Sunday. Nonetheless, on the 7-day chart, the token stays within the pink zone with a 32.57% loss in market worth.

Complete crypto market valued at $1.044 trillion on the hourly chart | Supply: TOTAL chart on Tradingview.com

Featured picture from HT Tech, chart from Tradingview.com