$200M Mixin Network hack draws controversy
Xiaodong Feng, Mixin's founder, immediately outlined a compensation plan but would only reimburse up to 50% of users' assets for now. Hong Kong-based decentralized cross-chain transfer protocol Mixin Network is drawing controversy over the disclosure of a $200 million hack on Sept. 25. In a post on Sept. 25, Zhuoer Jiang, CEO of Bitcoin mining pool BTC.TOP, claimed that BTC stored in the Mixin protocol "should have never been stolen in the first place." Jiang claims that, normally, Mixin's Bitcoin (BTC) would have been "kept in cold storage" and remained unaffected by the cloud server hack compromising Mixin's hot wallets. During its last monthly report in July, Mixin disclosed a total of 9,544 BTC, worth roughly $253 million, stored in its protocol. On Sept. 23, Mixin's cloud service provider's database was breached by hackers, resulting in the loss of $200 million in assets on its mainnet. Deposits and withdrawal services were immediate...