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

The full worth of assets locked connected Mixin Network sharply declined by much than $200 cardinal 2 days aft the protocol revealed it suffered a breach, according to DeFillama data.

Per the information aggregator dashboard, the diminution fell to $150.68 cardinal connected Sept. 27 from $351.47 cardinal recorded connected Sept. 26.

Source: DeFillama

On Sept. 25, Mixin web revealed that its unreality work supplier suffered a breach that led to a nonaccomplishment of $200 million. The nonaccomplishment topped that of Euler Finance’s $197 cardinal hack, making it the largest crypto nonaccomplishment of this year.

Offers $20M bounty

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

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

“Most of our level assets were users’, and we anticipation you tin refund them. You tin support $20M of the assets arsenic a BUG Bunty Reward for the BUG. Contact america via bug@mixin.one for the reward details.”

Mixin expresses optimism

In a Sept. 27 update connected X (formerly Twitter), Mixin revealed that, upon cautious appraisal of the losses, the outlook appears notably much affirmative than initially anticipated. “The losses are not arsenic important arsenic estimated,” the update added.

However, the web failed to supply caller accusation detailing however it arrived astatine this caller estimate. Instead, it hinted astatine the anticipation of reimbursing affected customers, saying:

“Regarding the plus losses, we tin lone instrumentality work done enactment too apologizing. At the aforesaid time, being liable has ever been Mixin’s attitude. Specific reimbursement rules inactive request immoderate time.”

Mixin powerfully advised users to abstain from conducting transactions connected their web to avert unwarranted fiscal losses.

Mixin’s XIN autochthonal token has yet to retrieve from the attack, trading astatine $172.71 arsenic of property clip contempt rising by 2.7% successful the past 24 hours.

The station Mixin web DeFi TVL plunges by $200M aft offering attacker $20M bounty appeared archetypal connected CryptoSlate.