Hong Kong-based crypto firm Mixin Network suffered a massive hack that resulted in it losing $200 million in assets. The security breach forced the platform to temporarily suspend services. Mixin Network has announced a $20 million bug bounty to attackers if they return stolen assets.
The firm remains hopeful that the hacker will reverse the transaction, claiming that most of the stolen assets belonged to users of the platform. Mixin founder Xiaodong Feng said the company will reimburse users for up to 50% of losses, with the remaining amount returned in bond tokens, which the company will then repurchase with its earnings.
Mixin Network is a peer-to-peer platform focused on efficient and cost-effective cross-chain transactions. However, it has come under criticism due to its centralized nature, which could be used by attackers to exploit the network.