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).

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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.”

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