WEMIX Suffers $724,000 Smart-Contract Ownership Attack

WEMIX, a layer-1 blockchain, has been hit by a smart-contract ownership attack that resulted in the theft of about $724,000 in cryptocurrency. The attacker seized ownership of a contract tied to WEMIX's stablecoin, WEMIX$, and minted around 5.23 million tokens without authorization.

The stolen USDC.e was then bridged to Ethereum and BNB Smart Chain, exchanged for other assets like Ether and Tether, and dispersed across multiple wallet addresses. Some of the funds were deposited at centralized exchanges, which WEMIX has asked to freeze the assets and cooperate.

In response to the attack, WEMIX temporarily suspended all bridges connected to its Layer-1 network WEMIX 3.0, including Chainlink CCIP and Play Bridge. Trading in affected liquidity pools was also halted, along with withdrawals of foundation-provided liquidity, the shutdown of the WEMIX$ module, and the PNIX decentralized exchange service.