Re: Mixin Safe: A Convenient and Decentralized Multisig + MPC + Timelock solution
That puts the losses around 20%, and my guess is that includes customer funds.
In the article I linked to above, the CEO said that only half of users' deposits would be unaffected. So yes, users' funds have been lost, and Mixin Network are now insolvent.In fact, I am most interested in whether these funds were time-locked. If they are, this hack completely devalues their service's meaning and the whole story.
Why would they be? I don't know of any centralized exchange or service (which Mixin Network clearly is, despite claims to the contrary) which timelocks their own funds. They need access to their funds to process withdrawals. It is user funds in Mixin Safe which are supposed to be timelocked. (I've still not seen anyone say if they can actually access their funds, though. Was nobody actually using Mixin Safe?)You can ask of course why the funds were stored on a Google cloud server or why they weren't protected with multi-sig, but I don't think they would ever be timelocked.
Ok, no reason for the to be timelocked I agree, but I though that such considerable amounts (1/5 or 1/2 of all funds controlled by them) are being kept in a secure cold wallet. Losing funds from hot wallets make me feel I'm back in 2013 or something.
