In a jaw-dropping turn of events, the decentralized cross-chain protocol Mixin Network has taken an unconventional route to recover stolen funds. In a message directed towards the hacker responsible for the recent $200 million exploit on September 23, Mixin Network extended an astonishing offer: a $20 million bug bounty.
Most of our platform assets were users’, and we hope you can refund them. You can keep $20M of the assets as a BUG Bunty Reward for the BUG. Contact us via bug@mixin.one for the reward details.
Mixin sent message to hacker
What’s even more intriguing is how Mixin Network chose to communicate. Given that the lion’s share of the pilfered funds belonged to users, the protocol encrypted a message and dispatched it alongside the transaction executed by the exploiter. The message had a simple plea, “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.”
It’s an audacious move, one that seeks not only to recover the losses but also to incentivize ethical hacking. The world of cryptocurrencies and decentralized platforms has often been the Wild West, with security breaches and hacks causing widespread panic. Mixin Network’s offer, in a way, attempts to change the narrative, shifting from a cat-and-mouse game to a cooperative endeavor.
The exploit, as announced by Mixin Network on September 25, revealed that the wrongdoers had breached a third-party cloud service provider, making off with nearly $200 million worth of platform assets. It sent shockwaves through the cryptocurrency community, leaving many anxious about the future of decentralized platforms.
However, there’s a glimmer of hope in the darkness. In an update shared by Mixin on Twitter, they stated, “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.” This news comes as a relief to many who feared more substantial losses.
Despite the optimism, Mixin Network issued a word of caution, urging users to refrain from making transactions, market activities, and other related activities on their platform for the time being. This precautionary measure aims to prevent any further unnecessary losses.
As the situation continues to develop, Mixin Network also expressed its apologies for the losses incurred by users during the exploit. Additionally, they mentioned that specific rules for reimbursement are still in the works, indicating that there’s more to this story that is yet to unfold.
The Mixin Network’s offer and the unfolding events remind us that the world of cryptocurrencies is dynamic and ever-evolving, with players willing to explore unconventional avenues to secure their ecosystems and protect their users.
