WEMIX Hacked Again: $6.25M Stablecoin Exploit Forces Network Shutdown

WEMIX, the blockchain arm of South Korean gaming giant Wemade, has suffered another major security breach. This is its second significant incident in less than 18 months, with an attacker seizing ownership of a smart contract linked to the dollar-pegged stablecoin WEMIX$ and making off with around $6.25 million worth of digital assets.

The exploit began on July 26, when an unidentified attacker gained administrator privileges over a contract tied to WEMIX$. They then minted approximately 5,225,525 WEMIX$ out of thin air, an issuance worth around $5.22 million at par.

The freshly minted tokens were routed through a decentralized exchange (DEX) and swapped into other assets, ultimately being scattered across multiple wallets. WEMIX has confirmed that a portion of these assets was subsequently deposited into centralized exchanges.