Mixin network DeFi TVL plunges by $200M after offering attacker $20M bounty

    2023.09.27 | exchangesranking | 1179onlookers

    The total value of assets locked on Mixin Network sharply declined by more than $200 million two days after the protocol revealed it suffered a breach, according to DeFillama data.

    Per the data aggregator dashboard, the decline fell to $150.68 million on Sept. 27 from $351.47 million recorded on Sept. 26.

    Mixin TVL
    Source: DeFillama

    On Sept. 25, Mixin network revealed that its cloud service provider suffered a breach that led to a loss of $200 million. The loss topped that of Euler Finance’s $197 million hack, making it the largest crypto loss of this year.

    Offers $20M bounty

    Mixin Network has offered a $20 million bug bounty to the attacker that stole $200 million from its platform, according to on-chain data.

    In an on-chain message sent to the attacker, Mixin stated that most of the stolen assets belonged to its users, adding:

    “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. Contact us via [email protected] for the reward details.”

    Mixin expresses optimism

    In a Sept. 27 update on X (formerly Twitter), Mixin revealed that, upon careful assessment of the losses, the outlook appears notably more positive than initially anticipated. “The losses are not as significant as estimated,” the update added.

    However, the network failed to provide new information detailing how it arrived at this new estimate. Instead, it hinted at the possibility of reimbursing affected customers, saying:

    “Regarding the asset losses, we can only take responsibility through action besides apologizing. At the same time, being responsible has always been Mixin’s attitude. Specific reimbursement rules still need some time.”

    Mixin strongly advised users to abstain from conducting transactions on their network to avert unwarranted financial losses.

    Mixin’s XIN native token has yet to recover from the attack, trading at $172.71 as of press time despite rising by 2.7% in the last 24 hours.

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