Bounty

Token

Mixin

<div class="sg-post-des">
 Mixin Network suffered a breach in its third-party cloud server database resulting in the theft of nearly $200 million worth of digital assets. 
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<div class="cointelegraph">
 Mixin Network, a decentralized cross-chain protocol, in a message to the <a rel="dofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a> behind the $200 million exploit on Sept. 23, has <a rel="dofollow" title="offer" href="https://thebittimes.com/tag/offer.html">offer</a>ed a $20-million bug <a rel="dofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> for the return of the remaining funds.
 Mixin Network encrypted&nbsp;the message with the exploiter transaction, requesting the exploiter to return the funds as the majority of the stolen funds were user assets.
 <blockquote>
 “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.” 
 </blockquote>
 Mixin Network confirmed the exploit on Sept. 25, claiming the exploiters managed to breach a third-party cloud service provider, which resulted in the theft of nearly $200 million of assets from the platform.
 <blockquote class="twitter-tweet">
 [Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by <a rel="dofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a>, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…— Mixin Kernel (@MixinKernel) September 25, 2023
 </blockquote> 
 Feng Xiaodong, founder of Mixin, said&nbsp;at the time that the company would reimburse affected users up to a “maximum of 50%,” with the remaining amount being handed back in bond tokens that the business would then repurchase with its earnings.
 Mixin is yet to <a rel="dofollow" title="offer" href="https://thebittimes.com/tag/offer.html">offer</a> full details about what led to the exploit, but an on-chain analytic platform highlighted a history of the <a rel="dofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a>’s interactions with Mixin Network. The <a rel="dofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a>-associated address 0x1795 received 5 Ether (ETH) from Mixin in 2022.
 Related: Remitano exchange hacked for $2.7M; $1.4M frozen by Tether
 While it is still unclear how the exploiters managed to steal $200 million worth of assets through a data breach, cross-chain protocols in the decentralized finance (DeFi) space have been the target of some of the biggest exploits in crypto history. One report indicates more than half of all DeFi exploits occur on cross-chain protocols, which have resulted in losses of over $2.5 billion.
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 <img src="https://cdn.thebittimes.com/images/2023/09/27/0481e5e0c1e37ed7b71c728a4a6ed627.webp" alt="" title="">
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 Bridge exploits account for more than 50% of DeFi losses. Source: Token Terminal
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 Cross-chain protocols help with interoperability between different chains, allowing users to send assets from one blockchain to another. Thus, these cross-chain protocols often hold a significant amount of assets from multiple chains, making them vulnerable to such exploits.
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/mixin-network-offers-20m-bug-bounty-to-hackers-in-200m-hack-tbt64155.html">https://thebittimes.com/mixin-network-offers-20m-bug-bounty-to-hackers-in-200m-hack-tbt64155.html</a>

Mixin Network offers $20M bug bounty to hackers in $200M hack

TheBitTimes

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