WEMIX Hack Exposes Vulnerability in Smart Contract

A recent hack on WEMIX's smart contract has resulted in an attacker minting approximately $5.2 million worth of WEMIX$ tokens without authorization.

The attack occurred on Sunday, July 26th, at 9:17 UTC, when the perpetrator gained control of the contract governing WEMIX$ issuance and minted over 5.23 million WEMIX$ tokens.

The attacker then converted some of these tokens to USDC.e and bridged them to Ethereum and BNB Smart Chain, exchanging it for other assets including Ether and Tether's USDT.

WEMIX has suspended all bridges and liquidity pools tied to its WEMIX3.0 network while they work with exchanges to trace the funds and recover the stolen $724,000.