Post
Topic
Board Project Development
Merits 2 from 1 user
Re: Mixin Safe: A Convenient and Decentralized Multisig + MPC + Timelock solution
by
Z-tight
on 27/09/2023, 09:55:24 UTC
⭐ Merited by LoyceV (2)
I mean, let's use some common sense here. If the company itself wasn't aware of the security flaw that ultimately led to the hack, how in the world could the end users have possibly known about it?
The company should have known that anything stored online is prone to hacking, and how do they keep keys of that amount of money online, in the cloud. I agree that the users who did the review didn't know about this flaw anyway, if not anyone who knows what they are doing would have written about it. The major issues or flaws raised by many reviewers during the review campaign was ambiguity, zero privacy and that the service was custodial, and i think that is enough for anyone who wants to make up their mind about using the service or not through reading reviews made.
And who's saying that Mixin wasn't trustworthy? I'm not defending, but as far as we know, they got hacked; it's not like they made off with their users' funds in some sort of scam.
I am not accusing them of a rugpull either, but we don't know if they were hacked or not, they told us that they were hacked and there is no way for us to verify that information.
Like I mentioned earlier, we don't have confirmation that the Mixin Safe service is part of the hack.
From what was said by the founder Feng Xiaodong[1] they lost 50% 100% of customers' money, but they would refund 50% through issuing bond tokens out of thin air for the victims to claim, and this bond tokens would be repurchased by the platform in the future. I don't think that's going to happen, and i believe Mixin network may be insolvent right now.

[1] https://www.cryptotimes.io/mixin-network-founder-admits-50-assets-are-safe/