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Mixin Community provides $20M bug bounty to hackers in $200M hack

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Mixin Community suffered a breach in its third-celebration cloud server database resulting within the theft of nearly $200 million price of digital resources.

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Mixin Community, a decentralized injurious-chain protocol, in a message to the hacker within the attend of the $200 million exploit on Sept. 23, has supplied a $20-million bug bounty for the return of the closing funds.

Mixin Community encrypted the message with the exploiter transaction, inquiring for the exploiter to approach the funds because the majority of the stolen funds get been user resources.

“Most of our platform resources get been customers, and we hope that you just can refund them. You’ll be ready to inspire $20M of the resources as a BUG Bounty Reward for the BUG.” Mixin Community confirmed the exploit on Sept. 25, claiming the exploiters managed to breach a 3rd-celebration cloud provider supplier, which resulted within the theft of nearly $200 million of resources from the platform.

[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Community’s cloud provider supplier turned into once attacked by hackers, resulting within the shortcoming of some resources on the mainnet. We get contacted Google and blockchain safety company @SlowMist_Team…

— Mixin Kernel (@MixinKernel) September 25, 2023

Feng Xiaodong, founder of Mixin, said on the time that the company would reimburse affected customers as much as a “most of 50%,” with the closing amount being handed attend in bond tokens that the switch would then repurchase with its earnings.

Mixin is yet to give plump little print about what ended in the exploit, but an on-chain analytic platform highlighted a historical previous of the hacker’s interactions with Mixin Community. The hacker-associated take care of 0x1795 got 5 Ether (ETH) from Mixin in 2022.

Related: Remitano alternate hacked for $2.7M; $1.4M frozen by Tether

While it’s miles aloof unclear how the exploiters managed to comprehend $200 million price of resources by a records breach, injurious-chain protocols within the decentralized finance (DeFi) articulate get been the target of a pair of of the finest exploits in crypto historical previous. One account signifies more than half of all DeFi exploits happen on injurious-chain protocols, which get resulted in losses of over $2.5 billion.

Bridge exploits myth for more than 50% of DeFi losses. Provide: Token TerminalUnfavorable-chain protocols reduction with interoperability between varied chains, allowing customers to ship resources from one blockchain to 1 other. Thus, these injurious-chain protocols in general comprise a fundamental amount of resources from a pair of chains, making them inclined to such exploits.

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