Crypto Hacks Hit Record High, Individual Losses Plummet

Two cryptocurrency platforms, WEMIX and Garden Finance, disclosed security incidents over the weekend. WEMIX reported abnormal transactions on July 26, in which approximately 5,225,525 WEMIX$ were issued without authorization. The compromised funds converted to 30,736 WEMIX and $724,198 USDC, before moving through bridges to Ethereum and BSC, then into various assets including Ether (ETH) and Tether (USDT). Some of those assets reached centralized exchanges.

WEMIX has asked exchanges and stablecoin issuers to freeze the attackers' wallets. The company temporarily suspended all bridges connected to and from WEMIX3.0, as well as Chainlink CCIP and the PLAY Bridge. The cause remains under investigation, with the possibility that numbers may change.

Separately, Garden Finance took its app offline after Blockaid flagged an exploit. Approximately $450,000 in USDT was drained across Ethereum, Base, Arbitrum (ARB), and BSC at the time of detection. Garden Finance is conducting a full investigation and has not yet shared any updates.