Mixin Network Offers Bug Bounty Reward to Hacker Behind Recent $200 Million Exploit

Mixin Network, which recently lost approximately $200 million in a hacking incident, has issued a public appeal to the exploiter behind the security breach.

Mixin network has offered the hacker a $20 million Bug Bounty Reward for the safe return of user assets.

Mixin Network’s Public Appeal to Hacker

Mixin Network, recently hit by a cyber attack that resulted in a loss of around $200 million, has made a public plea to the perpetrator of the breach. The team is proposing a Bug Bounty Reward of $20 million in exchange for the secure recovery of their users’ assets.

The network’s appeal to the hacker was communicated via Etherscan. Mixin Network stated, “Most of our platform assets were users, and we hope you can refund them. You can keep $20M of the assets as a BUG Bunty Reward for the BUG.” They also provided contact information for the hacker to initiate discussions on the reward.

The hacker’s identity remains unknown, but an independent investigation conducted by Web3 SaaS analytics platform 0xScope has shed some light on their historical relationship with Mixin Network.

An address connected to the recent $200M @MixinKernel #hack received 5 $ETH from the platform last year and deposited 5.9 $ETH on #Binance soon after.

Also, the hacker then swapped $USDT for $DAI to avoid being frozen.

See how the hackers used addresses in the Mixin attack below pic.twitter.com/x3rfyMAv5W

— 0xScope (🪬 . 🪬) (@ScopeProtocol) September 25, 2023

It was revealed that in 2022, an address associated with the hacker, 0x1795, received 5 ETH from Mixin Network, which was later deposited into Binance.

Mixin Network’s Shares Update Following Hacking Incident

The incident, which took place on Sept. 23, resulted in approximately $200 million worth of crypto drained from its mainnet due to a compromise of the database of a third-party cloud service provider used by Mixin Network. As a precautionary measure, the platform quickly suspended all deposit and withdrawal services in an effort to contain the situation.

In a recent update on the social platform X, Mixin Network’s team shared insights into their actions following the initial breach, stating, “The first time the incident occurred, we contacted Google (Mandiant) and blockchain security company @SlowMist_Team to assist with the investigation. After several days, we have completed most of the asset tally work, and the situation is much more optimistic than expected. The losses are not as significant as estimated.”

Despite the encouraging developments, Mixin Network has urged its users to exercise caution and refrain from making any transactions or market activities on the platform temporarily to prevent further losses. They also noted that more information about the reimbursement process is still being worked on and will be shared with affected users at a later time.