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In response to a massive security breach exposed on Monday, Mixin Network has offered a bug bounty reward of up to $20 million to the hacker who exposed the vulnerability in its network.
The breach was announced by Mixin Network on June 15th, 2020, and alleged that a malicious actor obtained unauthorized access to sensitive customer funds held in an exchange account. Mixin Network, a crypto project focused on creating an ecosystem for secure peer-to-peer transactions, alerted customers of the breach and urged them to move their funds to a new wallet, but warned that it could not guarantee the full restoration of assets.
In the wake of the breach, Mixin Network has proposed to the hacker a massive $20 million bounty for not exploiting any further secret funds. The offer includes details that such a bounty will be paid upon the disclosure of the method used to exploit the breach and successful reverting of assets. In an official statement from the company, Mixin called for the hacker to engage in an “ethical bounty program,” as a way of incentivizing operators of networks to constantly monitor and improve their own security measures.
Mixin Network did not specify how the $200 million total would be distributed, or if any portion of the bounty would be funded by the company itself. However, the potential reward will likely be enough to lure in white hat hackers, security researchers, or other interested parties into determining the root cause of the breach and its potential scope.