Report: hackers control over 90% of Mixin’s USDT holdings

Elliptic, a blockchain forensic firm, has disclosed that cyber-criminals responsible for the Mixin Network hack currently control more than 90% of the project’s USDT holdings.

In a blog post on Tuesday, Sep. 26, Elliptic’s senior crypto threat analyst, Arda Akartuna, revealed that the London-based firm analyzed the stolen funds in relation to Mixin’s most recent financial statement from July 2023. It appears that hackers now control 93% of Mixin’s USDT ($23.6 million), 71% of its Ethereum ($95.3 million in ETH), and 9% of its Bitcoin ($23.7 million in BTC).

Report: hackers control over 90% of Mixin's USDT holdings - 1
The graph of value of crypto stolen from Mixin | Source: Elliptic
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Although the stolen funds are yet to laundered, Elliptic says the hackers have sent the stolen USDT through Uniswap to exchange it to DAI, an algorithmic stablecoin.

In a post on Wednesday, Sep. 27, Mixin did not directly address Elliptic’s findings but provided reassurance to users, stating that “the losses are not as substantial as initially estimated.” The project further conveyed that the situation is “considerably more optimistic than anticipated.” However, Mixin once again advised users to refrain from “conducting transactions, engaging in market making, etc., on Mixin Network at this time to prevent avoidable losses.”

Report: hackers control over 90% of Mixin's USDT holdings - 2
Mixin’s bug bounty offer sent to hackers on the Ethereum blockchain | Source: Etherscan

Mixin has already contacted the hackers via Ethereum, offering them a $20 million bug bounty offer.

On Sep. 25, Mixin suffered a hack, losing $200 million worth of assets.

Read more: Ronin Hackers Have Moved Some Stolen Funds From Ether to Bitcoin Network
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