According to a ranking U.S. Official it is believed that North Korea is likely responsible for a significant cyber attack on the decentralized finance platform known as Mixin Network. Initial estimates had placed the losses suffered by Mixin Network at around $200 million due to a cyber incident in late September. However after conducting an assessment the damages have now been revised to less than $150 million.
What caused the security breach on Mixin Network?
The source of the breach has been identified as a vulnerability in Mixins cloud framework as pointed out by experts in security from SlowMist. In their efforts to investigate and understand the details of this security lapse Mixin is working together with companies like SlowMist. Additionally a representative from Mixin has confirmed to Bloomberg that they are collaborating with cybersecurity firms such as Mandiant and SlowMist in an investigation. The specifics of this inquiry are being kept confidential due to its nature; however considerable progress has been made in unraveling the complexities of the breach. To encourage any leads that could aid in recovering the stolen funds Mixin Network has announced a reward of $20 million.
The U.S. Government has consistently made efforts to hinder Korean cyber agents capabilities with particular focus, on disrupting their financial infrastructure that supports their operations.
Based on information provided by the U.S. Government it is believed that the funds generated from these cyber attacks are potentially being used to support North Koreas missile initiatives.