WEMIX Stablecoin Breach Allows Hackers to Mint Millions

A recent security breach has compromised the owner contract of WEMIX's stablecoin, allowing hackers to mint approximately 5.23 million unauthorized tokens.

The incident occurred on July 26 at 09:17 UTC, after ownership of a WEMIX$-related contract was compromised, enabling abnormal transactions to take place. The WEMIX team has suspended bridges, liquidity pools, and several services on the WEMIX3.0 network as a result.

The compromised contract enabled the unauthorized minting of 5.23 million tokens, which were then converted into 30,736 units of WEMIX's native token and 724,198.27 USDC.e. The USDC.e was bridged to Ethereum and BNB Smart Chain, swapped into assets including ETH and USDT, and distributed among multiple addresses.

The exact route by which the contract control was compromised remains unknown, as well as the final impact on users and the frozen amounts. WEMIX has not provided a reopening timetable or disclosed any potential losses to users.