WEMIX Hit by $724K Stablecoin Exploit as Hacker Mints Millions

A recent security incident at WEMIX led to the unauthorized minting of over 5.22 million WEMIX$ tokens, resulting in a loss of approximately $724,198 USDC.e.

The attack occurred on July 26th, with investigators discovering that an attacker had taken control of one of the contracts linked to WEMIX$. The hacker then minted additional tokens and swapped them for USDC.e, which was later sold for other assets such as ETH and USDT.

In response to the incident, WEMIX promptly implemented emergency measures to prevent further unauthorized transfers. This included suspending all bridges linked to WEMIX3.0, temporarily disabling trading on affected liquidity pools, and withdrawing its own liquidity from those pools.