WEMIX Network Hit by Security Breach, Attacker Moves $724,000

A security breach on WEMIX's network led to an attacker compromising ownership of a contract linked to its WEMIX$ stablecoin and issuing unauthorized tokens. The incident occurred on Sunday at 9:17 UTC, with the attacker moving approximately $724,000 in USDC.e tokens.

The attacker converted about 5.23 million WEMIX$ into 30,736 WEMIX and 724,198.27 USDC.e, which was then bridged to Ethereum and BNB Smart Chain before being exchanged for various assets including Ether and Tether's USDT.

WEMIX temporarily suspended all bridges connected to its layer-1 network, WEMIX3.0, as well as trading in affected liquidity pools and services including the WEMIX$ Module and PNIX decentralized exchange.