WEMIX Network Hit by $724K Security Breach After Stablecoin Contract Compromise
A significant security breach has hit the WEMIX network after an attacker compromised ownership of a contract linked to its WEMIX$ stablecoin. The incident occurred on Sunday at 9:17 UTC, with the attacker issuing approximately 5.23 million WEMIX$, which was subsequently converted into 30,736 WEMIX and 724,198.27 USDC.e tokens.
The attacker then bridged the USDC.e to Ethereum and BNB Smart Chain before exchanging it for various assets, including Ether and Tether's USDT. The funds were distributed across multiple addresses, with some deposited into centralized exchanges.
WEMIX has temporarily suspended all bridges connected to its layer-1 network, WEMIX3.0, as well as trading in affected liquidity pools, foundation-provided liquidity, and services including the WEMIX$ Module and PNIX decentralized exchange.