Mixin Safe: A Convenient and Decentralized Multisig + MPC + Timelock solution

[Synchronice]

Mixin CEO Begs Hackers To Return Funds and Take $20m as bug rewards

That'll still be 10% of all user funds gone forever and really $20 million should not be the amount of bug bounty you give to someone. Even Theymos does not give out such huge amounts for bitcointalk security.

And if the hacker is an organized crime figure, it's no use pleading. It will fall on deaf ears.

I think they already sense that they won't be able to find hackers, seize money and get it back, so, instead of 100% financial loss they try to negotiate with hackers to make it 10% financial lose with the hope that hackers will get scared, return 90% of stolen money, prioritize their safety and walk away with $20 million. But I guess this is a lure and the chase of hackers will not stop after this deal (recent example: Putin and Prigozhin). So, personally I think that hackers will refund nothing, probably knew what they were doing and life will continue.

[1701906341]

1701906341

[digaran]

Why would anyone use a third party to hold their keys? And this was supposed to be what exactly, an easy target for "hackers"?  By the time people realize not to trust their money with none other than banks, I'd be long gone, universe would be long gone, meaning people will continue to do this.  Bitcoin is a currency and a bank, if you want to give your funds to third parties for whatever reason, give them to banks and if banks don't offer such services, maybe they have a good reason.


This will keep on happening as it has several times in the past, simply because they don't want to listen to the warnings.

[Z-tight]

Why would anyone use a third party to hold their keys? And this was supposed to be what exactly, an easy target for "hackers"?  By the time people realize not to trust their money with none other than banks, I'd be long gone, universe would be long gone, meaning people will continue to do this.

The bank is also a third party, and they control your money when you trust them with it, take note that banks are also involved in fractional reserve scam. Nevertheless, the banking system is a more established institution than centralized exchanges or crypto businesses like mixin network, so your money is probably safer in a bank than with such services.

Bitcoin is a currency and a bank, if you want to give your funds to third parties for whatever reason, give them to banks and if banks don't offer such services, maybe they have a good reason.

BTC is not a bank, when you use BTC you ought to be the bank yourself and hold your own keys. If you want self custody of your money, store your keys yourself, not your keys, not your coins.

[stompix]

I don't know where Igebotz got that from, but I don't think that's true. According to media reports, during a live briefing on September 25th, Mixin's founder, Xiaodong Feng, stated that they would compensate users "up to 50%" for the stolen assets, with the remainder being distributed to users as "tokenized liability claims" that Mixin would eventually repurchase "with its future profits".

lol, "compensate" ?
I love how they always use stupid wording like this, trying to pose like they are in control, they are the ones taking the hit, and they will suffer one century in pain but will make everything up for their customers!

It's no compensation, compensation is when you take something and give something in return, this is just taking half of the money away!
Imagine how a robber would testify in court and argue that he took only one TV and the jewelry so has already compensated the victim by letting him have his fridge and socks!!!

https://twitter.com/MixinKernel/status/1709869557287178402

After statistical analysis, the affected assets in this incident were mainly ERC20-USDT, ETH, and BTC. Other assets were not affected. The specific compensation details are still under discussion. Please stay tuned for updates on the progress of this incident. In order to improve the Network and provide more secure services, after a week of rigorous evaluation, we will make the following updates to the Mixin Network:

again, lol

1. Release a new system based on Mixin Safe to enhance network security. The new system is expected to go online in 3-4 weeks. After another 2 weeks of system inspection, deposit and withdrawal functions can be opened.

deposits and withdrawals, quite optimistic, I am willing to bet on a 1000:1 ratio between the two

[Igebotz]

The CEO stated that the timelock will only expire if the vulnerabilities are found and fixed

Where did you read such statement? Honestly, all I've read is that they stated their services will be reopened "once the vulnerabilities are confirmed and fixed". That makes sense.

Lol Tell us more, it seems you know more than the rest of us - You're merely reading the lines, whereas I'm deciphering the meaning. They're not going to compensate anyone, and the only thing you'll probably see in your balance are some shady tokens. No way the owner compensating anyone out of his own pocket..

These days when an entity get hacked both the owners and the customers bears the loss, no fund insurance policy.

[FatFork]

The CEO stated that the timelock will only expire if the vulnerabilities are found and fixed

Where did you read such statement? Honestly, all I've read is that they stated their services will be reopened "once the vulnerabilities are confirmed and fixed". That makes sense.

Lol Tell us more, it seems you know more than the rest of us - You're merely reading the lines, whereas I'm deciphering the meaning.

Keep your socks on, I'm not here to defend Mixin or anything, and I don't work for them either. I'm just sharing the info I come across. You said, "The CEO stated..." and I simply asked, "Where did you read such a statement?"

Also, you mentioned "timelock," so I assume you're referring to Mixin Safe. It's already been said multiple times in this thread - it's a different service! The Mixin Safe service has never been suspended or affected by the hack, as far as I know. If you have different information, please share.

To quote LoyceV:

I've seen several incorrect posts by now. To be clear: Mixin lost $200M, not Mixin Safe.