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

Key Takeaways

  • ​Wemix delayed disclosing a $6.2 million hack, with the CEO citing security risks and taking responsibility for the decision;
  • Hackers stole an authentication key, waited two months, then withdrew 8.6 million WEMIX tokens;
  • WEMIX tokens dropped nearly 40% before the breach was officially confirmed on March 4.

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

On March 17, Wemix, a blockchain platform, responded to criticism over its delayed announcement of a security breach that led to a $6.2 million loss.

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 $0.5637 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.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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