Key Takeaways
- Mixin Community was hacked, leading to a lack of $200 million in person belongings.
- The corporate has left a message for the hacker, providing a $20M bug bounty for the return of the belongings.
- The transaction was confirmed on block 18225451, with a timestamp of Sep-27-2023 06:55:59 AM +UTC.
Mixin Community, a Hong Kong-based decentralized cross-chain switch protocol, suffered a major safety breach on September 23, 2023. The hack led to an estimated lack of $200 million in belongings, primarily in Bitcoin. The corporate instantly suspended deposits and withdrawals however maintained that intra-network transfers would stay operational. Earlier than the incident, Mixin had almost $400 million throughout 48 chains locked in its protocol, in response to information offered by DefiLlama.
The Message to the Hacker
In an unprecedented transfer, Mixin Community has communicated instantly with the hacker through a transaction message. The message reads, “Most of our platform belongings have been customers’, and we hope you may refund them. You may maintain $20M of the belongings as a BUG Bounty Reward for the BUG. Contact us through bug@mixin.one for the reward particulars.” The transaction was confirmed on block 18225451, with a timestamp of Sep-27-2023 06:55:59 AM +UTC. The transaction price was a mere 0.00016736127846444 ETH, equal to $0.27.
Background Investigations and Alternate Involvement
Cybersecurity watchdog Cyvers Alerts has been investigating the incident and revealed that two hacker addresses obtained 51 ETH from an account that had earlier interactions with main cryptocurrency exchanges Huobi International and Binance. The watchdog has known as on these exchanges to help in figuring out the account linked to the suspicious transactions. Blockchain safety agency SlowMist has additionally been enlisted to help within the ongoing investigation. The involvement of those main exchanges may very well be essential in tracing the origins of the funds and presumably recovering among the stolen belongings.
Controversies and Neighborhood Reactions
The hack has sparked debates and controversies throughout the crypto group. Zhuoer Jiang, CEO of Bitcoin mining pool BTC.TOP, claimed that Bitcoin saved within the Mixin protocol “ought to have by no means been stolen within the first place” and will have been “stored in chilly storage.” Mixin founder Xiaodong Feng introduced that the corporate would compensate customers “as much as a most of fifty%” for the stolen belongings. The rest could be distributed to customers as “tokenized legal responsibility claims” that Mixin would finally repurchase “with its future earnings.”
The Bigger Implications
The Mixin Community hack serves as a stark reminder of the vulnerabilities that exist throughout the cryptocurrency ecosystem. Cyvers Alerts emphasised the necessity to strengthen cybersecurity measures to stop future incidents of this nature. The incident has sparked concern within the crypto group, given the latest spate of comparable hacks.
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