WEMIX Network Freezes After $5.2M in Unauthorized Stablecoins Mined

The WEMIX team has suspended bridges, liquidity pools, and several services on its WEMIX3.0 network after approximately 5.23 million tokens of its WEMIX$ stablecoin were minted without authorization.

The incident began at 18:17 UTC on July 26 when ownership of a contract tied to the WEMIX$ was compromised, allowing the unauthorized minting of the stablecoins.

WEMIX has halted trading in various pools and restricted blockchain-linked features in games, as well as NFT marketplace trading and bidding. The company has also frozen attacker-associated addresses at some exchanges but has not disclosed a final loss estimate or identified individual user losses.