Lost nearly $200 million, Li Xiaolai's Mixin triggers memories of past hacks.

23-09-25 15:31
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Author: Sharon, BlockBeats

On September 25th, SlowMist MistTrack posted on social media that the database of Mixin Network cloud service provider was attacked, involving approximately $200 million. Later, Pidan disclosed the details, and the stolen assets included approximately $94.48 million worth of ETH, $23.55 million worth of DAI, and $23.30 million worth of BTC, etc.

Li Xiaolai once stood on the platform, Mixin encounters trust crisis again

Mixin Network founder, Feng Xiaodong, pointed out in a public live broadcast that in this attack incident, the official statement is that they will compensate for a maximum of 50% of the stolen assets, and the remaining part will be compensated in the form of bond tokens. In the future, the official will use profits to repurchase. In addition, Feng Xiaodong also stated that Mixin will launch a new system for user asset migration, but the assets that can be transferred are currently limited to half of the user's balance.

According to the official website of Mixin, it was founded in 2017 and has two products under its umbrella. One is Mixin Network, "a free and lightning-fast peer-to-peer transaction network for digital assets, managing over $1 billion in cryptocurrencies." The other is Mixin Messenger, an open-source encrypted wallet that allows for instant messaging. Currently, the total number of users exceeds 1 million.

Source: Mixin Official Website

Despite its promotion of "security, privacy, and decentralization," Mixin still faces a crisis of trust due to this attack incident.

It is worth noting that this attack is not the first trust crisis encountered by Mixin. According to previous reports by BlockBeats, in 2019, the joint node built by Fox.ONE, SS, and Exin joined the Mixin Network mainnet and began operating, and then began distributing node rewards. However, in March 2020, Fox.ONE and Exin, two of the Mixin nodes, issued statements stating that the SS private key was lost, and 10,000 XIN and mining revenue could not be withdrawn. The Fox.ONE and Exin teams will first compensate their respective users for their earnings and establish new nodes to operate.

One of the biggest controversies surrounding the Mixin project after its launch was the "check-in to receive Bitcoin" event. At the end of 2019, Mixin launched the "check-in to receive Bitcoin" campaign to "attract traffic" - as long as you download Mixin, you can receive Bitcoin every day. According to the rules at the time, a person who checks in for 3 years can receive 0.5 Bitcoin.

Source: Weibo user @Blockchain World

But soon after, it attracted a lot of doubts: not only did this activity fail to clarify the withdrawal rules, but it also frequently changed the sign-in conditions - from attracting people to enter, to signing in only after answering questions, to setting conditions such as buying things and inviting people, and so on. The sign-in conditions became more and more complicated, making this activity a joke. The questions set for the quiz also became a laughing stock in the industry for a while.

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But what's more worth paying attention to in the Mixin cryptocurrency project is the man behind it, Li Xiaolai. According to previous reports, on November 11, 2018, Li Xiaolai rallied behind a new project called Mixin. It is said that Li Xiaolai published a long article titled "What I've Seen in the So-Called Blockchain in Recent Years," in which he mentioned Mixin and claimed that it "solves the problems in Ethereum and EOS." In addition, Li Xiaolai has also claimed to be one of the earliest investors in Mixin.

According to publicly available information, both Mixin founder Feng Xiaodong and Li Xiaolai are shareholders of Feigeman (Beijing) Technology Co., Ltd., and the official website provided by this company is the official website of Mixin. As of the time of writing, Feng Xiaodong holds 94% of the shares, while Li Xiaolai holds 5%. From this information, it is not difficult to see that Li Xiaolai has once stood for Mixin. However, in the rapidly changing cryptocurrency industry today, Li Xiaolai's presence seems to be difficult to find.

Source: Qichacha

The Disappearance of Li Xiaolai, Where is He Now?

From public information, it can be learned that Li Xiaolai seems to have returned to the education industry, engaging in family education, while also developing and learning English on Github.

On September 23rd, Li Xiaolai stated on Github that "this is a small tool I use to play short audio files, mainly to assist in my own English pronunciation training." He also mentioned that he has not yet figured out how to properly combine local Python scripts with electron-builder.

Source: Li Xiaolai's Github page

Formerly known as the founder of Coin Capital, a partner of Xiong'an Fund, and a well-known angel investor in the cryptocurrency industry, Li Xiaolai became a highly active and influential KOL in the circle. Prior to 2010, Li Xiaolai was best known as a teacher at New Oriental. It wasn't until he purchased over 2,000 bitcoins at a low price in 2010 that he officially began his exploration in the cryptocurrency industry.

In 2016, Li Xiaolai also opened a column called "The Road to Financial Freedom" on the "Dao APP", which caused a sensation at that time. During the bull market, Li Xiaolai also cashed out billions of dollars by selling a large amount of Bitcoin. However, in 2018, a "recording gate" incident directly caused Li Xiaolai to become famous.

In the recording, Li Xiaolai cursed Ripple, Ethereum, and Litecoin by name, and even singled out Sun Yuchen as a fraud and Zhao Changpeng as having a bad character and a black history with Xu Mingxing. Li Xiaolai also swore in the recording and exposed the dark side of the coin circle, saying that "the stupid consensus is also a consensus, so blindly believing in value investment is wrong, making money is success".

This incident directly caused dissatisfaction among many blockchain project founders, institutional investors, and individual investors, and their past negative news has been repeatedly mentioned. In addition, Li Xiaolai has participated in multiple projects, including Quantum Chain, GXChain, BigOne, etc., but none of them have attracted much attention and influence in the industry. Now that the Mixin attack incident has occurred, people who have experienced the "check-in to receive Bitcoin" are once again mentioning Li Xiaolai, pointing out his dark history. How Mixin will repair the trust crisis in the future remains a puzzle full of uncertainty.

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