Mixin Network Offers $20M BUG Bounty to Recover Stolen Funds
- Mixin Network has proposed a bug bounty to recover the stolen $200 million.
- The network has assured customers of a “more optimistic” situation.
- A senior crypto threat analyst paints a different picture of the attack.
To retrieve stolen funds, decentralized cross-chain protocol Mixin Network has proposed a multi-million bounty to the hackers behind the recent $200 million exploit on its cloud database service provider.
Following the cyberattack, the protocol temporarily suspended deposit and withdrawal activities, urging customers to stay off the network to prevent “unnecessary losses.” The network also acknowledged the enlisting of Google and blockchain security company SlowMist to assist with investigating the incident.
Appealing to the Hackers
On September 27, Mixin Network encrypted a message with the exploiter transaction, offering the hackers a $ 20 million bug bounty to return the remaining funds and clarifying that the missing assets belonged to users.
While the Mixin team has not made a public comment regarding the bug bounty offer, the network shared an update on Twitter (X) stating that the losses are not as significant as estimated following most of the asset tally work completion.
The statement, which assures customers of a “more optimistic” situation, contradicts the findings of blockchain forensic firm Elliptic, which concluded that the hackers now control a significant percentage of Mixin’s digital assets holdings.
Is the Situation “More Optimistic?”
In a September 26 blog post , Elliptic’s senior crypto threat analyst, Arda Akartuna, compared Mixin’s latest financial statements against the stolen funds and concluded that the hackers now control 93% of Mixin’s USDT ($23.6M), 71% of its Ethereum ($95.3M), and 9% of its Bitcoin ($23.7M).
Although the stolen funds are yet to be laundered, Akartuna noted that the hackers have already transferred the stolen USDT through the Uniswap decentralized exchange to retrieve the funds in Dai stablecoin or other unfreezable assets.
Stay updated on what happened in the recent Nansen security breach:
Nansen Breach Sees User Data Compromised: Here’s What Happened
Read more about the Balancer Protocol DNS attack:
Balancer Protocol Loses $238K in Crypto in Ongoing DNS Attack
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Is the Senate Stablecoin Bill Dead? Here's What's Going On
Bitcoin Price Forecast: BTC Reaffirms $110K Target Following Softest US CPI Print Since 2021
Ethereum outshines Coca-Cola and Alibaba after a jump in market cap

Nexchain Raises $1.5 Million in Presale: Is This the Top ICO of 2025?
Nexchain has actual tech, a trustworthy team, a clear plan, and a utility and long-term coin. Its $1.5 million early success is more than hype, it shows that seasoned investors see the possibilities.Nexchain: Best Crypto ICO of 2025Other Major Crypto Presales to Look Out ForFinal Words: Nexchain, the High-Potential ICO to Invest In

Trending news
MoreCrypto prices
More








