The total value of assets locked on Mixin Network fell sharply by more than $200 million two days after the protocol revealed a breach, according to DeFillama data.
The decline fell to $150.68 million on September 27, compared to $351.47 million on September 26, according to the data aggregator dashboard.
On September 25, Mixin Network revealed that its cloud service provider suffered a breach that resulted in a $200 million loss. The loss refilled that of the $197 million Euler Finance hack, making it the biggest crypto loss this year.
Offers a $20 million bounty
Mixin Network has offered a $20 million bug bounty to the attacker who stole $200 million from its platform, according to on-chain data.
In a chain message sent to the attackerMixin stated that most of the stolen assets belonged to its users, adding:
“Most of our platform assets belonged to users and we hope you can pay them back. You can keep $20 million in assets as a BUG Bunty reward for the BUG. Contact us at [email protected] for the reward details.”
Mixin expresses optimism
On September 27 update on X (formerly Twitter)Mixin revealed that, after careful assessment of losses, the outlook appears significantly more positive than initially expected. “The losses are not as great as estimated,” the update said.
However, the network failed to provide any new information on how it arrived at this new estimate. Instead, it hinted at the possibility of refunding affected customers, saying:
“Concerning the asset losses, the only way we can take responsibility is to take action other than apologizing. At the same time, being responsible has always been Mixin’s attitude. Specific reimbursement rules still need some time.”
Mixin strongly advised users not to transact on their network to avoid unwarranted financial losses.
Mixin’s XIN native token has yet to recover from the attack and was trading at $172.71 at the time of writing, despite rising 2.7% in the past 24 hours.