WEMIX$ Hack Exposes Vulnerability in Stablecoin Security

A hack on WEMIX$ stablecoin has led to a significant loss of funds, with about $724,198 in USDC.e leaving the ecosystem. The attacker exploited a contract linked to WEMIX$, gaining access to owner privileges and creating around 5.23 million WEMIX$ without approval.

The unauthorized minting was detected by WEMIX at 9:17 UTC on July 26, with the attacker later exchanging the new supply for assets carrying external liquidity. This included conversions into roughly 30,736 WEMIX and $724,198.27 in USDC.e.

The attacker then bridged the funds across to Ethereum and BNB Smart Chain, further swapping them into assets including ETH and USDT. Some of these funds eventually reached centralized exchanges.