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$200M Mixin Community hack attracts controversy

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Xiaodong Feng, Mixin’s founder, straight outlined a compensation conception however would fully reimburse up to 50% of customers’ resources for now.

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Mixin Community, a Hong Kong-basically based fully decentralized rotten-chain switch protocol, is drawing controversy over the disclosure of a $200 million hack.

On Sept. 23, the database of Mixin’s cloud service provider became once breached by hackers, ensuing within the loss of $200 million in resources on its mainnet. Deposits and withdrawal products and services had been straight suspended on the protocol. Alternatively, builders acknowledged transfers would no longer be affected because the investigation continues.

In a post on Sept. 25, Zhuoer Jiang, CEO of Bitcoin mining pool BTC.TOP, claimed that Bitcoin (BTC) saved within the Mixin protocol “would perhaps be pleased to be pleased by no methodology been stolen within the principle yell.” Jiang acknowledged Mixin’s Bitcoin would on the total had been “saved in frosty storage” and remained unaffected by the cloud server hack compromising Mixin’s hot wallets. For the length of its last monthly file in July, Mixin disclosed a total of 9,544 BTC, value roughly $253 million, became once saved in its protocol. 

For the length of a dwell briefing on Sept. 25, Mixin founder Xiaodong Feng acknowledged Bitcoin became once “the core asset” stolen and that builders would compensate customers “up to a maximum of 50%” for the stolen resources. Feng acknowledged the relaxation would be distributed to customers as “tokenized liability claims” that Mixin would by some means repurchase “with its future earnings.”

Founded in 2017, Mixin had almost $400 million across 48 chains locked in its protocol before the incident, as per data offered by DefiLlama. The protocol enables customers to ship digital resources to folk by strategy of phone numbers. Xiaolai Li, a Chinese billionaire and early Bitcoin enthusiast, is one amongst the earliest angel investors within the firm. 

[Announcement] Within the early morning of September 23, 2023 Hong Kong time, the database of Mixin Community’s cloud service provider became once attacked by hackers, ensuing within the loss of some resources on the mainnet. We be pleased contacted Google and blockchain security company @SlowMist_Team…

— Mixin Kernel (@MixinKernel) September 25, 2023

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