WEMIX Network Hit by Unauthorized Stablecoin Minting Attack

The WEMIX blockchain network suffered a security incident on July 26 at approximately 6:17 p.m. when an attacker seized ownership of its native stablecoin issuance contract, WEMIX Dollar (WEMIX$).

The unauthorized minting of 5,525,525 WEMIX Dollars allowed the attacker to swap them for USDC and WEMIX tokens, resulting in direct damage of approximately $724,000. The attacker bridged the stolen USDC from the WEMIX3.0 mainnet to Ethereum and the BNB Smart Chain, then swapped it for Ether (ETH) and Tether (USDT), distributing the funds across multiple wallet addresses.

The WEMIX Foundation detected that some of the funds were deposited into centralized exchanges (CEXs) during this process and has requested asset freezes and cooperation from the relevant exchanges and stablecoin issuers. The foundation stated that 'some exchanges have already frozen the related addresses.'

The WEMIX Foundation launched an emergency response immediately after the incident to prevent further damage, including temporarily suspending all bridges connected to the WEMIX3.0 network, halting trading in affected liquidity pools, and withdrawing its provided liquidity.