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Mixin Network offered hacker $20 million in exchange for stolen funds

The decentralized cross-chain protocol Mixin Network offered the hacker $20 million in exchange for the return of the stolen $200 million. The amount will be considered a reward for discovering a vulnerability in the protocol.

The exploit was used a few days ago. September 25 Mixin Network team reportedthat the attackers managed to hack a third-party cloud service provider and confirmed that $200 million worth of crypto assets were stolen from the protocol.

Mixin founder Feng Xiaodong promised that the company would reimburse affected users “maximum 50%” of the stolen funds, and the remaining amount would be returned to the victims in debt tokens, which the project would subsequently buy back from users.

The co-founder of Mixin assured users: most of the work on calculating assets has been completed, the situation is quite optimistic. The losses were not as significant as previously thought. However, users are advised to temporarily refrain from transactions and market making on the Mixin network to prevent further losses.

In the spring, a similar situation occurred when the DeFi protocol Sentiment reported the theft of more than $500,000. The hacker was persuaded to return 90% of the embezzled funds, he kept $95,000 for himself. The attacker behind the theft of crypto assets from the Curve Finance protocol also agreed to return the stolen money after negotiations.

Recently, the HTX cryptocurrency exchange, formerly called Huobi, was hacked. 5,000 ETH worth $8 million was stolen from the platform, but the losses of users have already been fully covered.

Source: Cryptocurrency

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