Wemix Hack: $6.2 Million Stolen, CEO Defends Delayed Announcement

CEO Kim Seok-hwan denied any attempt to cover up the incident, explaining that the delay was meant to prevent further risks rather than mislead investors.

Kim took responsibility for delaying the announcement, acknowledging that it was his decision. While he believed the delay was necessary, he apologized to investors for any concerns it may have caused.

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Despite the attempt to prevent panic in the market, WEMIX WEMIX $0.5681 tokens dropped nearly 40% from the time of the hack to March 4, when the breach was officially confirmed.

The attack, which occurred on February 28, targeted the Play Bridge Vault, a system used to transfer WEMIX tokens across different blockchains. Hackers withdrew 8.6 million WEMIX tokens.

Kim stated that once they detected the issue, Wemix shut down its servers and immediately launched an investigation. The company also filed a report with the Cyber Investigation Team at the Seoul National Police Agency.

The hackers reportedly gained access by stealing an authentication key used to monitor Nile, Wemix’s non-fungible token (NFT) platform. After obtaining this key, they waited two months before making a series of unauthorized withdrawals.

In total, they attempted to withdraw funds 15 times, succeeding in 13 of those attempts. The stolen WEMIX tokens were later sold on exchanges.

Recently, Infini, a stablecoin payment platform, suffered a $50 million security breach. How did it happen? Read the full story.