Search Results for: Feng Xiaodong

Mixin Network’s founder, Feng Xiaodong recently disclosed a substantial $200 million hack on the network’s cloud service provider database. This breach resulted in the compromise of users’ digital assets such as Bitcoin and Ethereum. The company is introducing remedial measures including the issuance of “bond tokens” to offset the loss and boosting their security system. This incident resulted in a 9% dip in token value.

After losing $200 million in digital assets to a cybercrime exploit, Hong Kong-based Mixin Network is offering a $20 million bug bounty to the perpetrator. The company swiftly disabled user services after the breach, before working on resolving detected vulnerabilities to uphold user security and platform integrity. Mixin Network’s ability to handle this event highlights the significance of firm-level security in the unregulated world of cryptocurrencies.

In an unusual move, the decentralized cross-chain protocol Mixin Network offered a $20M bug bounty to a hacker who recently breached its security, resulting in a $200M loss. While this strategy could reduce damage, it also risks incentivizing harmful activities. It highlights the intense trade-off between security and accessibility within cryptocurrency, and emphasizes the critical need for strong security measures in DeFi.

Mixin Network suffered a security breach resulting in a loss of nearly $200 million from the mainnet. In an effort to investigate the incident and protect user assets, Mixin has temporarily paused deposit and withdrawal services, but asset transfers on its platform continue. The team is now devising a recovery strategy.

“On September 25, the decentralized cross-chain transfer protocol Mixin Network had approximately $200 million stolen in a cloud server hack. This incident has incited a broader conversation about security in the blockchain and cryptocurrency world. As blockchain technology advances, it’s crucial to maintain impenetrable security measures to counteract its potential risks.”