> we redirected the efforts of a large part of the Cloudflare technical staff (inside and outside the security team) to work on a single project dubbed “Code Red”.

Code red is a standard term in emergency response that means smoke/fire. In general, in order to “redirect” that much effort one must do some paperwork to prove the urgency and immediacy of the threat.

The MO screams China to me but I wouldn’t read anything into the name “code red” which would have been selected before they identified the specific threat actor anyway.