In a curious turn of events in the post-cybercrime scenario, Mixin Network, the renowned cross-chain transactional network, has extended an unusual offer. Struck with an exploit on September 23 that reportedly cleared off $200 million worth of digital assets, the firm is now offering a bug bounty of $20 million to the perpetrator. A distinct sentiment in the sector indeed, especially considering that the vast majority of the impacted assets belonged to the platform’s users.
The Hong Kong-based crypto establishement has publically addressed the exploiter via a missive posted on Etherscan. The firm’s assurance to make amends extends beyond an exchange of bounty reward details through their official channels. In the aftermath of the breach, Mixin Network swiftly disabled deposit and withdrawal services for users. Only once the detected vulnerabilities were resolved, demonstrating the company’s dedication towards user security and platform integrity.
The narrative took an interesting twist when the Mixin Network team welcomed the services of blockchain security entity SlowMist for a thorough investigation. Despite the unsettling loss of assets, the platform’s founder, Feng Xiaodong, kept users informed with candid discussions live-streamed in Mandarin. The Mixin Network leader conceded to currently ensuring only half the assets are secure.
The platform persistently looks forward, exuding slight optimism as they claimed the asset losses to be significantly less severe than initially appraised. This, however, still has the asset transactions and market making services on hold to restrain any unnecessary losses.
Addressing the asset losses, the firm’s commitment towards action exceeds just apologies. Aidentifier tocreditability, Mixin Network seems to be working on specific reimbursement rules. Xiaodong, in a later report, said the platform would supply up to half of the affected users’ losses and compensate the remaining amount with bond tokens.
This incident rightly accentuates the potential issues that can stem out of the relatively unregulated world of cryptocurrencies. The Mixin Network event, notwithstanding its adversity, underlines the importance of firm-level security in crypto-world while displaying an eye-opening response to cyber misdemeanors.
Source: Cryptonews
