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 <p class="is-style-lead">Elliptic, a blockchain forensic firm, has disclosed that cyber-criminals responsible for the Mixin Network hack currently <a rel="dofollow" title="control" href="https://thebittimes.com/tag/control.html">control</a> more than 90% of the project’s USDT <a rel="dofollow" title="holdings" href="https://thebittimes.com/tag/holdings.html">holdings</a>.</p> 
 <p>In a blog post on Tuesday, Sep. 26, Elliptic’s senior crypto threat analyst, Arda Akartuna, revealed that the London-based firm analyzed the stolen funds in relation to Mixin’s most recent financial statement from July 2023. It appears that <a rel="dofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a> now <a rel="dofollow" title="control" href="https://thebittimes.com/tag/control.html">control</a> 93% of Mixin’s USDT ($23.6 million), 71% of its Ethereum ($95.3 million in ETH), and 9% of its Bitcoin ($23.7 million in BTC).</p> 
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   <img decoding="async" width="1024" height="540" src="https://cdn.thebittimes.com/images/2023/09/27/a19d615f1f9748e4b236c1707d97222f.webp" alt="Report: hackers control over 90% of Mixin's USDT holdings - 1"> 
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   The graph of value of crypto stolen from Mixin | Source: Elliptic
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 <p>Although the stolen funds are yet to laundered, Elliptic says the <a rel="dofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a> have sent the stolen USDT through Uniswap to exchange it to DAI, an algorithmic stablecoin.</p> 
 <p>In a post on Wednesday, Sep. 27, Mixin did not directly address Elliptic’s findings but provided reassurance to users, stating that “the losses are not as substantial as initially estimated.” The project further conveyed that the situation is “considerably more optimistic than anticipated.” However, Mixin once again advised users to refrain from “conducting transactions, engaging in market making, etc., on Mixin Network at this time to prevent avoidable losses.”</p> 
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   <img decoding="async" width="1024" height="169" src="https://cdn.thebittimes.com/images/2023/09/27/52c7af0201479a248d748aa13d0ac554.webp" alt="Report: hackers control over 90% of Mixin's USDT holdings - 2"> 
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   Mixin’s bug bounty offer sent to <a rel="dofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a> on the Ethereum blockchain | Source: Etherscan
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 <p>Mixin has already contacted the <a rel="dofollow" title="hackers" href="https://thebittimes.com/tag/hackers.html">hackers</a> via Ethereum, offering them a $20 million bug bounty offer. </p> 
 <p>On Sep. 25, Mixin suffered a hack, losing $200 million worth of assets. </p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/report-hackers-control-over-90-of-mixin-s-usdt-holdings-tbt64169.html">https://thebittimes.com/report-hackers-control-over-90-of-mixin-s-usdt-holdings-tbt64169.html</a></p>

Report: hackers control over 90% of Mixin’s USDT holdings

TheBitTimes

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