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$200 million Mixin Network hack sparked controversy

Mixin NetworkA decentralized cross-chain protocol based in Hong Kong It is causing controversy due to the revelation of a $200 million hack.

on September 23 Mixin’s cloud service provider database was attacked by hackersThis resulted in a $200 million loss of assets on the mainnet. Deposit and withdrawal services were immediately stopped. However, the developers stated that transfers will not be affected as long as the investigation continues.

In an article dated September 25, Zhuoer Jiang, CEO of Bitcoin mining pool BTC.TOP, he declared these Bitcoins (Bitcoin) Stored in Mixin protocol “They shouldn’t have been stolen in the first place.”. Jiang said Mixin’s Bitcoins are generally “Keeped in cold storage” And They would not be affected by the cloud server attack that compromised Mixin’s cold wallets. Mixin in the last monthly report in July he explained protected under its own protocol 9.544BTCIts value is approximately 253 million dollars.

During the live briefing on September 25, Xiaodong FengFounder of Mixin, he declared HE Bitcoin was this “basic assets” stolen and developers will compensate users “up to 50%”. Feng said The rest will be distributed to users as follows: “tokenized liability claims” What Mixin will eventually buy back “with future profit”.

Founded in 2017 Mixin’s protocol had nearly $400 million on 48 chains locked before the accident, second Data provided by DefiLlama. The protocol allows users to send digital assets to others via phone numbers. Xiaolai Lia Chinese billionaire and Bitcoin enthusiast, was one of the company’s first angel investors.

[Annuncio] In the early morning hours of September 23, 2023 Hong Kong time, the database of cloud service provider Mixin Network was attacked by hackers, resulting in the loss of some assets on the main network. We reached out to Google and the blockchain security company @SlowMist_Team

— Mixin Kernel (@MixinKernel) September 25, 2023

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