Mixin Network, a decentralized cross-chain protocol, offered a $20 million bug bounty to return the remaining funds in a Sept. 23 message to the hackers behind the $200 million vulnerability.
hybrid network Encrypted The message of the transaction with the exploiter requires the exploiter to return the funds, because most of the stolen funds are user assets.
“Most of our platform assets are users, and we hope you can return them. You can keep 20 million US dollars in assets as a BUG bounty reward for this BUG.”
Mixin Network confirmed the vulnerability on September 25, claiming that the exploiter successfully compromised a third-party cloud service provider, resulting in the theft of nearly $200 million in assets from the platform.
(Announcement) In the early morning of September 23, 2023, Hong Kong time, the Mixin Network cloud service provider database was attacked by hackers, resulting in the loss of some assets on the main network.We’ve contacted Google and blockchain security companies @slowmist team…
— Mixin Kernel (@MixinKernel) September 25, 2023
Feng Xiaodong, founder of Mixin, explain At the time, the company would reimburse affected users “up to 50%” with the remainder returned in bond tokens, which the company would then use to buy back the bond tokens.
Mixin has not provided complete details about what led to the breach, but the on-chain analysis platform highlighted the history of hackers interacting with the Mixin Network. The address 0x1795 associated with the hack received 5 ether (ETH) from Mixin in 2022.
related: Remitano exchange was hacked and lost $2.7 million; $1.4 million was frozen by Tether
While it is unclear how attackers stole $200 million worth of assets through the data breach, cross-chain protocols in the decentralized finance (DeFi) space have been the target of some of the largest attacks in cryptocurrency history. A report indicates that more than half of DeFi vulnerabilities occur on cross-chain protocols, resulting in losses of more than $2.5 billion.
Cross-chain protocols facilitate interoperability between different chains, allowing users to send assets from one blockchain to another. As a result, these cross-chain protocols often hold large amounts of assets from multiple chains, making them vulnerable to such attacks.
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