Wemix Suffers Major Security Breach Amid Ownership Transition

A security breach struck Wemade's WEMIX ecosystem on July 26, allowing an attacker to mint over 5 million stablecoins without permission.

The attacker then swapped some of these tokens for WEMIX and USDC.e, cashing out a total of $724,198. This amount is significantly lower than the face value of the minted tokens, which was estimated at around $6.25 million by some outlets.

The breach occurred just as Wemade is undergoing an ownership transition involving a Chinese investment group, leaving uncertainty surrounding the future of its blockchain plans.