Mixin Network, a decentralized wallet service, recently fell victim to a significant $200 million hack over the weekend. In a live stream today, Mixin Network’s founder, Feng Xiaodong, shared some insights regarding this event.
Feng Xiaodong assured users that, regardless of the type of assets they hold, whether it’s Bitcoin or Ethereum, Mixin Network can initially guarantee the security of at least half of their holdings. However, he acknowledged that recovering the compromised funds poses significant challenges.
At present, Mixin Network can only ensure the security of half of the total user assets on their platform. To address the remaining affected assets, Feng mentioned that the team is considering issuing what he referred to as “bond tokens” for users to claim, with plans for Mixin to repurchase them in the future.
Feng also disclosed that the company intends to establish a new system for hosting user assets.
The price of XIN, Mixin’s token, dropped by 8.6% over the past 24 hours to $194 at the time of writing following the morning announcement of the hack, according to CoinGecko data.
