Mixin Network Suffers $200M Hack, Outlines Compensation Plan Using Tokenized Liability Claims

Mixin Network, a decentralized protocol, suffered a $200M hack of its cloud provider database.
The hack compromised hot wallets, but cold storage Bitcoin was reportedly unaffected.
Mixin's founder outlined a compensation plan to reimburse users up to 50% of lost assets.
The remainder will be distributed as tokenized liability claims Mixin will eventually repurchase.
The cross-chain transfer protocol had nearly $400M locked across 48 chains before the hack.

cointelegraph.com

Relevant topic timeline:

9/25/2023

Mixin Network hacked, loses $200M in crypto assets after cloud database breach

Mixin Network has suspended deposits and withdrawals following a hack that led to the loss of approximately $200 million worth of crypto assets, and the network will restart services once vulnerabilities are addressed and fixed. A blockchain investigator and Google have been appointed to assist with the investigation.

9/25/2023

Crypto Platform Mixin Loses $200 Million in Major Hack

Hong Kong-based crypto company Mixin announced that hackers breached its cloud service provider and stole approximately $200 million, leading to the temporary suspension of deposit and withdrawal services while the vulnerabilities are fixed. The company has engaged the help of Google and SlowMist to investigate the incident. The hack on Mixin is the largest theft in the crypto world this year, surpassing the previous record set by Euler, a crypto lending platform.

10/2/2023

Crypto Exploits Cost Nearly $330M in September; Mixin Network Attack Accounts for Over Half

The Mixin Network cross-chain protocol accounted for almost two-thirds of the $329.8 million in crypto stolen in September, making it the worst month of 2023 for crypto-related exploits.