Mixin, who signed in to deliver Bitcoin, was hacked first

Image source @ Visual ChinaArticle | Top Financial, Author | Octopus BrotherThe most essential aspect of the coin circle is hacker attacks.On September 25th, MixinNetwork cloud service provider database confirmed to have been hacked, resulting in the loss of main network assets

Image source @ Visual China

Article | Top Financial, Author | Octopus Brother

The most essential aspect of the coin circle is hacker attacks.

On September 25th, MixinNetwork cloud service provider database confirmed to have been hacked, resulting in the loss of main network assets.Mixin stated on social media that deposit and withdrawal services have been suspended and normal services are expected to resume only after the incident investigation is completed.

Involving funds worth approximately $200 million

Mixin mentioned in a statement released through X (Twitter) that this attackInvolving funds worth approximately $200 million

Mixin not only suspended recharge and withdrawal services on the internet, but also claimed to seek help from Google and blockchain security company Slow Fog. According to the statement, access services will only resume after confirming and fixing the vulnerability.

Meanwhile, Mixin founder Feng Xiaodong responded to the hacking incident in a later live broadcast.Feng Xiaodong said that the official will compensate up to 50% of the damaged assets, and the remaining will be paid in the form of bond tokens. In the future, the official will use profits to repurchase. The damaged assets this time are mainly Bitcoin core assets, and there have been no serious theft of assets such as BOX and XIN. The specific attack situation cannot be disclosed yet.

In addition, Feng Xiaodong stated that Mixin will also launch a new system for user asset migration, but the assets that can be transferred are temporarily only half of the user's balance.

On social media, some users question why platforms that claim decentralization use services from centralized cloud service providers,Some users described this hacker attack as a rug-pull event initiated by Feng Xiaodong.

Insider Jiang Zhuoer mentioned on his Weibo account that the theft incident appears very strange. In addition to raising doubts about Mixin in the early years, he claimed that users use Mixin to send money.According to it, Bitcoin in BOX should not have been stolen. Bitcoin in BOX, as a long-term deposit, is not circulating, so it should normally be stored in a cold wallet. The server has been hacked, and BOX and XIN need to be circulated. It is still possible for coins in hot wallets to be stolen, while Bitcoin in cold wallets cannot be stolen at all. But now instead, Bitcoin has been stolen, and there has been no serious theft of BOX and XIN, and the operator has announced a 50% compensation without waiting for the investigation result. Where does the compensation come from? Where did a fixed investment project come from with such high assets? Unless the compensation is for wool on the sheep.

An outrageous activity that has long been suspected as a scam

According to Mixin's official page, Mixin was established in November 2017 as a free, decentralized digital asset cross chain transmission and trading network, based on punitive PoS to prevent all nodes from committing wrongdoing, using DAG as the underlying data structure model. The Mixin main network, also known as Kernel, allows developers to choose appropriate ways to develop their own DApps, chains, and any MixinNetwork based applications based on business needs and requirements.

At the beginning of the project launch, Mixin was caught in a wave of questioning due to the routine check-in activities.At that time, the slogans were "Bitcoin will be given if you sign in" and "4013 yuan if you sign in for a year", but users quickly realized that,The check-in threshold is getting higher and higher, and they need to invite new users, participate in "brainwashing" quizzes, and even invest funds.

Mixin has also invited Li Xiaolai to support the platform, and Li Xiaolai has also made great efforts to promote Mixin.

Li Xiaolai has a very close relationship with Mixin. In fact, Feng Xiaodong, the founder of Mixin, is the co founder of Motion. Motion is a controversial project invested by Li Xiaolai. In addition, Feng Xiaodong has also worked as the chief architect of BigONE. This is a digital currency exchange under Coin Capital, and Li Xiaolai is the co founder of Coin Capital.

Li Xiaolai's good brother and another co founder of Coin Capital, Lao Mao, is one of Mixin's behind the scenes promoters.

After Mixin was launched, a check-in activity was launched: one day of check-in can earn 0.000001BTC. If users continuously sign in, the number of Bitcoins they receive per day will increase at a rate of 0.000001BTC/day. But if the user disconnects midway and signs in again, the number of BTCs obtained will also accumulate again starting from 0.000001BTC.

The power accumulated over time cannot be underestimated. Based on this calculation, users who have signed in continuously for 5 years can receive 1.66BTC; Sign in for 10 consecutive years and earn 6.66BTC. But the premise is that Mixin can handle so many Bitcoins.

Shortly after the check-in event began, many users discovered that Mixin was constantly raising the check-in threshold.At the beginning of check-in, as long as KYC is completed, it is sufficient. Soon after, we joined the invitation to invite new members to continue check-in. In addition, invited new users must also sign in on Mixin so that old users can continue to sign in.

Similar user tasks emerge endlessly. Within a month of the event's launch, Mixin changed the check-in rules four times.

One of the most intriguing rule changes is the introduction of 'sign in for answering questions'. In such a situation, the user must answer the question correctly before continuing to sign in. Once the answer is incorrect, they can only wait for one hour before answering the question again. Even more absurdly, these topics are filled with various content that praises Mixin's achievements. For example, there is a question of "where is the safest place for ordinary people's BTC. The answer is actually Mixin's wallet.

At that time, many people doubted,The intention of Mixin's launch of the check-in and delivery Bitcoin activity is only to induce users to invest more assets into Mixin.Nowadays, Bitcoin assets are mysteriously stolen, which inevitably raises suspicions.

epilogue

According to the Tianyancha App, the official website of Fegman (Beijing) Technology Co., Ltd. shows it as Mixin. Li Xiaolai and Mixin founder Feng Xiaodong are both shareholders of Fegman (Beijing) Technology Co., Ltd. Currently, Feng Xiaodong holds 94% of the shares, while Li Xiaolai holds 5%. According to information, in February 2016, Luo Yonghao joined the shareholders of Fegman and held a 4% stake; In February 2023, Luo Yonghao withdrew from the ranks of Fegman shareholders.

From public information, it can be seen that Li Xiaolai seems to have returned to the education industry, started family education, and also started developing and learning English on Github.The theft of Mixin this time has caused discussions among many industry insiders, and Mixin's aged black materials have also been dug out. Whether it's Li Xiaolai or Mixin, their reputation in the industry is no longer positive.

As of July this year, Mixin's main network has operated 26 full nodes, and the network holds assets worth $1.1 billion. After experiencing this hacker attack, some Mixin users have also criticized the degree of decentralization of the project, pointing out their reliance on centralized front-end, and even truly decentralized protocols may be susceptible to the failure of centralized service providers.

The theft of $200 million in Mixin has also made it another major cryptocurrency hacking incident in the industry following the attacks on RoninNetwork, PolyNetwork, and BNBBridge.

We don't know if Mixin was falsely stolen or really "self stolen",But users who signed in to receive Bitcoin back then should understand that their check-in rewards dissipated long before the hacker attack.

Reference article:

• Sign in for 10 years and get 300000 yuan? Mixin from Li Xiaolai platform, suspected to be a scam

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