Mixin network DeFi TVL declines $200M after paying $20M reward to attacker

News Desk5
2 Min Read

Mixin Network has offered a $20 million bug bounty to the attacker.

The total value of assets locked on Mixin Network sharply declined by more than $200 million two days after the protocol revealed it suffered a breach, according to DeFillama data.

Per the data aggregator dashboard, the decline fell to $150.68 million on Sept. 27 from $351.47 million recorded on Sept. 26.

On Sept. 25, Mixin network revealed that its cloud service provider suffered a breach that led to a loss of $200 million. The loss topped that of Euler Finance’s $197 million hack, making it the largest crypto loss of this year.

Offers $20M bounty

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

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

Mixin expresses optimism

In a Sept. 27 update on X (formerly Twitter), Mixin revealed that, upon careful assessment of the losses, the outlook appears notably more positive than initially anticipated. “The losses are not as significant as estimated,” the update added.

However, the network failed to provide new information detailing how it arrived at this new estimate. Instead, it hinted at the possibility of reimbursing affected customers, saying:

Mixin strongly advised users to abstain from conducting transactions on their network to avert unwarranted financial losses.

Mixin’s XIN native token has yet to recover from the attack, trading at $172.71 as of press time despite rising by 2.7% in the last 24 hours.

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