Mixin Community provides $20M bug bounty to hackers in $200M hack

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Mixin Community provides $20M bug bounty to hackers in $200M hack

Mixin Community, a decentralized cross-chain protocol, in a message to the hacker behind the $200 million exploit on Sept. 23, has provided a $20-million bug bounty for the return of the remaining funds.

Mixin Community encrypted the message with the exploiter transaction, requesting the exploiter to return the funds as the vast majority of the stolen funds have been person property.

“Most of our platform property have been customers, and we hope you may refund them. You may maintain $20M of the property as a BUG Bounty Reward for the BUG.”

Mixin Community confirmed the exploit on Sept. 25, claiming the exploiters managed to breach a third-party cloud service supplier, which resulted within the theft of almost $200 million of property from the platform.

Feng Xiaodong, founding father of Mixin, mentioned on the time that the corporate would reimburse affected customers as much as a “most of fifty%,” with the remaining quantity being handed again in bond tokens that the enterprise would then repurchase with its earnings.

Mixin is but to supply full particulars about what led to the exploit, however an on-chain analytic platform highlighted a historical past of the hacker’s interactions with Mixin Community. The hacker-associated deal with 0x1795 acquired 5 Ether (ETH) from Mixin in 2022.

Associated: Remitano change hacked for $2.7M; $1.4M frozen by Tether

Whereas it’s nonetheless unclear how the exploiters managed to steal $200 million price of property by means of a knowledge breach, cross-chain protocols within the decentralized finance (DeFi) house have been the goal of a few of the largest exploits in crypto historical past. One report signifies greater than half of all DeFi exploits happen on cross-chain protocols, which have resulted in losses of over $2.5 billion.

Bridge exploits account for greater than 50% of DeFi losses. Supply: Token Terminal

Cross-chain protocols assist with interoperability between totally different chains, permitting customers to ship property from one blockchain to a different. Thus, these cross-chain protocols typically maintain a big quantity of property from a number of chains, making them weak to such exploits.

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