WEMIX Suffers $5.2M Stablecoin Heist via Admin Privilege Breach

The WEMIX blockchain development company has revealed that an unauthorized administrator gained access to its WEMIX Dollar (WEMIX$) smart contract, allowing them to mint approximately $5.2 million worth of tokens.

The incident occurred on July 26 at around 9:17 a.m. UTC and resulted in the abnormal issuance of about 5.22 million WEMIX$ tokens, as well as an unauthorized outflow of 30,000 WEMIX and 720,000 USDC.e from the protocol.

The WEMIX team acted swiftly to contain the damage by blocking internal and external bridges on WEMIX 3.0 and temporarily suspending liquidity pool trading.