Mixin Network Launches $20M Bug Bounty Program

Mixin Network, a prominent blockchain platform, has taken bold steps following a significant security breach that resulted in a staggering loss of approximately $200 million in assets. This breach, which occurred on September 23, 2023, sent shockwaves throughout the blockchain community. In response, Mixin Network has introduced an unprecedented Bug Bounty Reward program with a jaw-dropping $20 million incentive.

In the wake of the breach, Mixin Network acted swiftly to address the situation and minimize further risks. The company has enlisted the assistance of tech giants Google and the highly respected blockchain security firm, SlowMist Team, to conduct a comprehensive investigation. Their mission is to uncover the extent of the breach and identify the vulnerabilities that allowed this intrusion to happen.

From @MixinKernel to the Mixin Network Exploiter: "… You can keep $20M of the assets as a BUG Bounty Reward for the BUG…" https://t.co/Zb9H43uYXA pic.twitter.com/DDHCpKzGbB

— PeckShield Inc. (@peckshield) September 27, 2023

Temporary Suspension of Services

To ensure the safety of its users and the integrity of the platform, Mixin Network has made the difficult decision to temporarily suspend all deposit and withdrawal services. This precautionary measure is in effect until the vulnerabilities are conclusively identified, addressed, and certified as secure. Importantly, this suspension will not impact users’ ability to conduct transfers on the platform during this period.

Mixin Network is committed to maintaining transparency throughout this challenging period. Founder Feng Xiaodong will communicate directly with the community through a live Mandarin livestream scheduled for September 25, 2023, at 13:00 HKT. During this livestream, Xiaodong will provide a comprehensive account of the incident, share updates on the ongoing investigation, and outline the measures being implemented to prevent future breaches. An English summary of the livestream will also be available for the international audience.

A Heartfelt Message and Gratitude

In a heartfelt statement, Mixin Network expressed profound regret for the security breach and the resulting losses incurred by its users. The company has reassured its community of its unwavering commitment to minimizing these losses and fortifying the platform’s security. Mixin Network extends its sincere gratitude to its users for their continued support during this challenging period.

The Bug Bounty Reward program serves as a testament to Mixin Network’s dedication to enhancing security and inviting the global tech community to contribute to a safer blockchain ecosystem. Users are encouraged to participate in this program by reporting any vulnerabilities they discover, thereby helping to safeguard Mixin Network’s assets and reputation. As Mixin Network charts its path to recovery and security enhancement, the blockchain community eagerly awaits further updates on the progress made in the wake of this significant breach.