North Korea Suspected in Major Cyberattack on Mixin, U.S. Authorities Claim

A significant security breach on the decentralized finance platform, Mixin Network, has been attributed to North Korea by a top U.S. government official.

Initial estimates had indicated that Mixin Network faced losses to the tune of $200 million due to the cyberattack that transpired in late September. However, upon a detailed reassessment, the platform disclosed that the damage was below $150 million.

Root Cause of the Mixin Network Breach?

Blockchain cybersecurity firm SlowMist pinpointed a flaw in Mixin’s cloud infrastructure as the main loophole exploited during the attack. SlowMist is currently working alongside Mixin to dissect the nuances of the breach.

A Mixin representative confirmed to Bloomberg that the platform is teaming up with cybersecurity experts from Mandiant and SlowMist for an in-depth investigation into the breach. The company has been making significant progress in understanding the intricacies of the incident, though specific insights are withheld due to the investigation’s sensitive nature. To encourage leads that could assist in reclaiming the misplaced funds, Mixin Network has announced a reward of $20 million.

The U.S. government has been proactively targeting North Korean cyber actors, with a primary focus on destabilizing the financial infrastructures that empower them. The U.S. asserts that the illicit gains from these cyber ventures are likely funneled into North Korea’s missile enhancement projects.