Another Hong Kong crypto hack takes toll on a network

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Another Hong Kong crypto hack takes toll on a network

Mixin Network, a peer-to-peer transactional network for digital assets, announced Monday that its cloud service provider's database was hacked, causing the loss of about US$200 million. The second major crypto hack in Hong Kong has taken place this month, despite Hong Kong's efforts to protect digital asset investors.

Elliptic, a blockchain analytics firm, suspects the hack was directed by North Korea-backed Lazarus Group, who sent a portion of the stolen funds to an address previously used by the group.

However, the region's crypto sector has recently experienced occurrences. Aside from the hacks, Dubai-based cryptocurrency exchange JPEX was probed by the local police and financial authorities after allegations of compensation of around US$154 million to 1,600 investors.