On September 25, Slow Mist MistTrack posted on social media that the Mixin Network cloud service provider database was attacked, involving an amount of approximately US$200 million. Later, Paidun announced the details. The stolen assets included ETH worth approximately US$94.48 million, DAI of US$23.55 million, and BTC of US$23.3 million.

Li Xiao came to the platform, Mixin once again encountered a crisis of trust

Feng Xiaodong, founder of the Mixin Network team, pointed out in a public live broadcast that in this attack, for the stolen assets, the official stated that the current maximum compensation is 50%, and the remaining part will be paid in the form of bond tokens, and the official will use the profits for repurchase in the future . In addition, Feng Xiaodong also said that Mixin will also launch a new system for user asset migration, but the assets that can be transferred are only half of the user's balance for the time being.

According to Mixin's official website, Mixin was founded in 2017. It has two products, one is Mixin Network: "a free and lightning-fast peer-to-peer trading network for digital assets, managing more than $1 billion in cryptocurrency", and the other is Mixin Messenger. An "open source crypto wallet with real-time chat capabilities", the current total number of users exceeds 1 million.

Source: Mixin official website

Despite its claims of "security, privacy, and decentralization," Mixin still has a crisis of trust due to this attack.

It is worth noting that this attack is not the first crisis of trust that Mixin has encountered. According to previous reports by BlockBeats, in 2019, the joint node jointly built by Fox.ONE, SS, and Exin joined the Mixin Network mainnet and started operating, and node income began to be distributed thereafter. But in March 2020, the two Mixin nodes Fox.ONE and Exin issued a statement stating that their joint node SS private key was lost, and 10,000 XIN and mining proceeds could not be withdrawn. The Fox.ONE and Exin teams would first compensate their respective users. income and establish a new node to run.

One of the biggest controversies caused by the Mixin project after its launch was the issue of "signing in to receive Bitcoins". At the end of 2019, in order to "attract traffic", Mixin launched the "Sign in to receive Bitcoins" activity - as long as you download Mixin, you can receive Bitcoins every day. According to the rules at the time, a person who persists in signing in for three years can receive 0.5 Bitcoin.

Picture source: Weibo user @ Blockchain Tianya Road

But then a lot of doubts arose: Not only did this event not clearly explain the rules for withdrawing coins, it also frequently changed the sign-in conditions - from attracting people to enter, to answering questions before signing in, to setting conditions such as buying things, inviting people, etc. The more the sign-in conditions became, the more More and more people came, and eventually the event became a joke, and the questions it set also became a joke within the circle.

But what is more noteworthy about the Mixin cryptocurrency project is Li Xiaolai, who is behind the project. According to previous relevant reports, on November 11, 2018, Li Xiaolai cheered for a new project called Mixin. It is reported that Li Xiaolai published a long article titled "The So-called Blockchain I Have Seen in These Years", which mentioned Mixin and claimed that it "solved the problems existing in Ethereum and EOS." In addition, Li Xiaolai also claimed to be Mixin’s earliest investor.

According to public information, Mixin founders Feng Xiaodong and Li Xiaolai are both shareholders of Fegelman (Beijing) Technology Co., Ltd., and the official website provided by this company is Mixin’s official website. As of press time, Feng Xiaodong holds 94% of the shares and Li Xiaolai holds 5%. It is not difficult to see from this information that Li Xiaolai once stood up for Mixin. But now that the encryption industry is accelerating changes, Li Xiaolai’s figure seems to be hard to find.

Source: Qichacha

Where is Li Xiaolai who disappeared now?

It can be known from public information that Li Xiaolai seems to have returned to the education industry and started family education. At the same time, he also started development on Github and learned English.

On September 23, Li Xiaolai said on Github, "This is a small tool I use to play short voice files. It is mainly used to assist my own English reading training." "I haven't figured out how to use local python scripts yet." Correct combination with electron-builder".

Image source: Li Xiaolai Github homepage

Li Xiaolai was once the founder of Coin Capital, a partner of Xiongan Fund, and a well-known angel investor in the encryption industry. He became a popular big V-level KOL by virtue of his high activity in the industry. Before 2010, Li Xiaolai was best known as a teacher at New Oriental. It was not until Li Xiaolai purchased more than 2,000 Bitcoins at a low price in 2010 that he officially started exploring the encryption industry.

In 2016, Li Xiaolai also opened a column on "Get APP" called "The Road to Financial Freedom", which caused a moment of popularity. During the bull market at that time, Li Xiaolai also cashed out tens of billions by selling a large amount of Bitcoins. . And in 2018, a "recording scandal" incident directly made Li Xiaolai successfully "popular".

In the recording, Li Xiaolai cursed Ripple, Ethereum, and Litecoin, and also called out by name, "Justin Sun Sun is a liar." "CZ has a bad character and has a dark history with Star Xu. He actually doesn't know much about technology." Li Xiaolai also cursed in the recording and exposed the shady story of the crypto, saying, "The consensus of stupid people is also the consensus, so blindly believing in value investment is wrong, and success is achieved by making money."

This incident directly led to the dissatisfaction of many blockchain project founders, institutional investors, and individual investors, and its past negative news has also been repeatedly mentioned. In addition, Li Xiaolai has participated in a number of projects, including Quantum Chain, Gongxinbao, BigOne, etc., but they have failed to attract much attention and influence in the industry. Now that the Mixin attack incident has come out, people who have experienced "signing in to receive bitcoins" once again mentioned Li Xiaolai and pointed out his dark history. How Mixin will repair the trust crisis in the future will still be a mystery full of uncertainty.