Mixin Network announces $20M bug bounty to retrieve stolen assets

Mixin Network announces $20M bug bounty to retrieve stolen assets
фото показано с : invezz.com

2023-9-28 12:02

As invezz.com reported, Hong Kong-based crypto firm Mixing Network suffered a massive hack that saw it lose $200 million in assets. The security breach forced the platform to temporarily suspend services as Google & blockchain security firm SlowMist assisted in investigations.

Meanwhile, Mixin Network has announced a $20M bug bounty to the perpetrators if they surrender the stolen assets. The firm remains hopeful that the hacker will reverse the transaction, stating that most of the scammed assets belonged to platform users.

Mixin urges the hackers to contact them via [email protected] for more information about the bounty reward.

Source – Etherscan Mixin’s centralized aspect is a weakness

Mixin Network is a peer-to-peer platform focused on efficient and cost-effective cross-chain transactions. Nonetheless, it has faced criticism due to its centralized nature, which the perpetrators might have used to exploit the network.

Mixin founder Xiaodong Feng stated that the company would refund users up to 50% for the losses. He added that developers would distribute the remaining part as bond tokens, which Mixin would buy back using future profits.

Mixin’s incident and effect on the crypto sector

Mixin Network is now fighting to recover the loss and to ensure a secure platform to avoid future hacks. Meanwhile, the latest incident reflects the vulnerabilities in the broad crypto market. While Mixin remains dedicated to decentralization, privacy, and security, the attack underscores the ongoing difficulties.

Crypto entities continue to face challenges ensuring the safety of user assets. Blockchain firm Chainalysis highlighted a surge in crypto-related thefts, from 2021’s $3.3B to $3.8B in 2022. That indicates the urgent need to amplify security measures in this nascent industry.

Also, cryptocurrency associated crimes seem to dent Hong Kong’s push to be a global crypto hub. The region’s regulator, Securities & Futures Commission planned to name all entities that have applied for digital assets certificates.

That came amidst JPEX exchange scandal, which has left users with losses of over $190 million.

The post Mixin Network announces $20M bug bounty to retrieve stolen assets appeared first on Invezz.

origin »

Bitcoin price in Telegram @btc_price_every_hour

SherLOCK Security (LOCK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 6.06 %, 7d: -9.29 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.1387 (-100%)

security assets firm network breach forced 200

Источник: invezz.com

security assets → Результатов: 126


CryptoSlate Wrapped Daily: Ethereum could be considered a security post-Merge, Whitehouse releases crypto regulatory framework

The biggest news in the cryptoverse for Sept 16 includes the crypto community arguing that ETH could be considered a security post-merge, the Whitehouse releasing a framework for crypto regulation, United States banks pausing crypto lending plans amid challenging SEC guidelines, Celsius seeking approval to sell $23M worth of stablecoin assets.

2022-9-17 02:48


Gensler’s Senate Testimony Still Sheds No Light on Determining Security Status of Cryptos

Gary Gensler, Chairman of the Securities and Exchange Commission, says the 'vast majority' of crypto assets are securities but didn't elaborate on how to determine whether one is. The post Gensler’s Senate Testimony Still Sheds No Light on Determining Security Status of Cryptos appeared first on BeInCrypto.

2022-9-15 23:14


Фото:

Research Shows A Surge In BTC To USDT Trade In June As Investors Flock To Stablecoins

While a considerable percentage of market watchers have maintained a persistent bullish outlook towards the crypto markets despite the steadfast bear market, some investors have resorted to stablecoins in what appears to be an attempt to find safety in the security the assets provide over the sharp volatility that characterises the markets. New research has […]

2022-7-30 23:42


Фото:

EU Set to Vote On Critical Crypto AML Provision – Coinbase Cites Outright Ban On Non-Custodial Wallets

Reports show that the EU has revisited its Transfer of Funds Regulation (TRF), adding new provisions concerning crypto to limit the use of digital assets for money laundering. However, industry players feel the new draft is not just harmful to user privacy and security but also provides no effective restriction on money laundering.

2022-3-29 17:15


Bitpanda поглотила регулируемого кастодиана Trustology

Европейский криптоброкер Bitpanda приобрела зарегистрированную FCA кастодиальную платформу Trustology для институциональных инвесторов. Welcome to Team Bitpanda, @TrustologyIO! With this acquisition, we’re safeguarding our Bitpanda and Bitpanda Pro users’ assets with an insured, user-friendly custodial wallet platform with institutional-grade security.

2022-2-22 15:44


Фото:

SimpleHold Cryptocurrency Wallet Review

When dealing with a blockchain, security is paramount. Despite the fact that the word is embedded in technology, we must be extremely vigilant and cautious when it comes to our assets. What if you’re just getting started with cryptocurrency? What should you do initially, and how can you reduce your risks? The solution is a […] The post SimpleHold Cryptocurrency Wallet Review appeared first on NullTX.

2022-2-16 14:54


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Binance EU exit: what happens to your funds and what to do next

Binance will stop providing services to European Union clients from July 1 after failing to secure a licence under the bloc’s new MiCA crypto rules. The development created fresh uncertainty for users of the world’s largest digital-asset exchange.

Bank of England unveils final stablecoin rules, eases key proposals

The Bank of England on Monday published its final policy statement and draft Code of Practice for systemic stablecoin issuers, easing some of the proposals it had put forward for industry consultation last year and setting out a clearer path for the development of regulated stablecoins in the UK.

Binance faces EU setback as Greece set to reject MiCA bid

Binance, the world's largest cryptocurrency exchange, is facing a major regulatory challenge in Europe. Its application for a license under the European Union's new crypto framework is reportedly set to be rejected, potentially preventing the company from continuing to serve clients across the bloc after June.

Poland passes crypto bill as Zondacrypto probe widens

Polish lawmakers adopted a bill on Friday regulating cryptocurrencies, as scrutiny surrounding the collapse of the country’s largest crypto exchange intensified and political disagreements over oversight of the sector continued.