Mixin Network Asset Theft Compensation Plan

Mixin founder Feng Xiaodong has announced the preliminary plan for the recovery of user wallet assets in Mixin Messenger, stating that they have made significant progress in assessing the situation of the affected assets. The primary cryptocurrencies affected in this incident are BTC, ETH, and ERC20 USDT, with expected compensation ratios of 90%, 30%, and 10%, respectively. Feng Xiaodong noted that other versions of USDT remain unaffected.

Feng Xiaodong mentioned that it will take some time to finalize the official compensation plan but assured that changes to the compensation ratios would not exceed 1%. Furthermore, for other cryptocurrencies with varying degrees of loss, the team is prepared to use existing funds and borrow money to purchase the corresponding assets to provide 100% compensation.

Despite the initial estimated loss of $200 million, Feng Xiaodong stated that the Mixin team is actively working to convert the stolen assets into USD at the market prices from the day of the theft to compensate affected users, with a priority on compensating ERC20 USDT victims.

Earlier, on September 23, 2023, Hong Kong time, Mixin Network's cloud service provider's database suffered a hacker attack, resulting in financial losses for its users. According to security firm Peck Shield's monitoring, Mixin Network incurred a total loss of $140 million in

cryptocurrency

assets, including approximately $94.48 million worth of ETH, $23.55 million worth of DAI, and $23.3 million worth of BTC.