Hacker Exploits WEMIX Contract Compromise, Mints $5.23M in Unauthorized Stablecoins

The WEMIX team reported that hackers exploited compromised ownership of a contract tied to its WEMIX$ stablecoin, allowing them to mint approximately 5.23 million tokens without authorization.

This incident prompted WEMIX to suspend bridges, liquidity pools, and several services on the WEMIX3.0 network, including trading in various pools and NFT marketplace trading and bidding.

The compromised contract was tied to WEMIX$'s 1:1 design, which states that its supply should remain equal to the Treasury's USDC volume. However, the hackers were able to bypass this intended minting path by exploiting owner-level control.