WEMIX, the core of Wemade’s blockchain business, has fallen victim to another massive hack, marking the second incident in roughly a year since February last year. This latest security breach resulted in the illicit minting of approximately 5.22 million WEMIX$, valued at roughly 7.7 billion KRW.

The WEMIX team confirmed the security breach on their official website on the 27th. According to the notice, the administrator privileges for the WEMIX$ contract were compromised at 6:17 PM on the 26th. This allowed for the unauthorized minting and external transfer of 5,225,525 tokens, with the estimated damage sitting at approximately 7.7 billion KRW.

Once minted, the compromised WEMIX$ were swapped for WEMIX and USDC.e. The USDC.e was then bridged to Ethereum and BSC (Binance Smart Chain), where it was further swapped and dispersed into assets like ETH and USDT, with some fragments finding their way into centralized exchanges. These figures represent the current assessment and may shift as the investigation deepens.

The WEMIX team is currently tracking the attacker's wallet and the flow of funds, while simultaneously requesting asset freezes and cooperation from relevant exchanges and the stablecoin issuer. The WEMIX team plans to identify the root cause and conduct a full-scale audit of all related contracts.

To prevent further fallout, the WEMIX team has temporarily suspended services, including the WEMIX 3.0 bridge, liquidity pool trading, and the WEMIX$ module. Blockchain-integrated content in some games, NFT market trading, and bidding have also been halted, with protective measures implemented across WEMIX Play functions.

Wemade stated, "Upon detecting the anomalous transactions, the WEMIX team immediately took primary measures to contain the damage and continues to investigate the situation. Further details will be shared through subsequent updates as they become available."

WEMIX$ is a stablecoin launched in 2022 based on WEMIX 3.0. Users can exchange WEMIX$ for USDC.e at a 1:1 ratio through the WEMIX$ module service.

Meanwhile, WEMIX suffered a similar massive hack back in February of last year. In that incident, 8,654,860 WEMIX coins were siphoned off and dumped on overseas exchanges, resulting in a loss of about 9 billion KRW. That event triggered delistings from major domestic exchanges, and while WEMIX has been fighting to regain its standing, this fresh blow to security will undoubtedly cast a negative shadow over their efforts to restore trust.