Mixin Network, a blockchain-powered messaging platform, has proposed a $20 million bug bounty to a hacker who recently gained unauthorized access to the platform and received nearly $200 million worth of cryptocurrency in a security breach. The company has stated that the money will be paid out in rewards to computer security researchers who can help identify and address vulnerabilities in the platform. The company additionally stated that the reward could be even higher if the vulnerability is found to be more complex and serious. The reward money is being paid in a mix of cryptocurrencies, including Bitcoin, Ether, and XIN tokens.
Mixin Network said in a statement that it takes the security of its users very seriously and that the bug bounty should be seen as a sign of commitment to maintaining user security. The company has promised to continue to monitor the system even more closely to ensure future security breaches do not occur. It also is calling for independent security companies to audit the platform in order to identify any issues and to help further mitigate the risk of any future security incidents.
The bug bounty both encourages hackers to responsibly share their findings with the platform and provides an incentive for security researchers to put their skills to use in helping to protect the platform. By offering such incentives, Mixin Network hopes to ensure that its platform remains secure for its users.