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Crypto Journalist
Veronika Rinecker
Crypto Journalist
Veronika Rinecker
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The Wemix Foundation is implementing measures to address the recent $6.2 million security breach and subsequent drop of the WEMIX token.
In response to the hack, the company is currently using its own funds to buy back WEMIX coins to increase demand, stabilize the price, which has dropped 42% since the hack, and restore investor confidence.
Details of the buyback, including the method, involved exchanges, final quantity, and holding wallet address, will be released upon completion, according to a March 15 Wemix X post.
WEMIX Buyback Execution
To swiftly recover from the impact of the WEMIX PLAY Bridge incident and restore the stability of the service and ecosystem, the #buyback execution begins today.🔄
The buyback method and the exchanges where the buyback was conducted will be disclosed… pic.twitter.com/KU6XCWYz8U
— WEMIX (@WemixNetwork) March 14, 2025
Wemix Implements Chainlink to Secure Stablecoin Transfers
The foundation is also integrating technology from Chainlink, specifically their Cross-Chain Interoperability Protocol (CCIP) to improve the security and reliability of their platform, particularly in handling cross-chain transactions.
This integration is designed to facilitate the secure transfer of stablecoins, particularly Circle’s USD Coin (USDC) from the Ethereum network, into the Wemix 3.0 mainnet. By establishing a more robust and reliable bridge, the foundation aims to prevent future depegging events and ensure the smooth operation of its ecosystem.
Status Update on WEMIX$
The #WEMIX Team has released an update regarding the WEMIX$ incident. 📝
These measures include integrating Chainlink’s CCIP for USDC bridging. 🔗
We truly apologize for the communication delays.For more details, see the official announcement :… pic.twitter.com/qDEop6YD0r
— WEMIX (@WemixNetwork) March 15, 2025
Security Breach: Loss of 8.6 Million WEMIX Tokens
On Feb. 28, over 8.65 million WEMIX tokens, valued at around $6.22 million, were withdrawn due to an attack on the platform’s Play Bridge Vault, which transfers WEMIX to other blockchain networks.
The affected server was immediately shut down, and a complaint was filed with the Seoul Metropolitan Police Agency’s Cyber Investigation Unit.
However, the Wemix Foundation only made an official announcement four days after the attack.
Wemix Foundation CEO Kim Seok-hwan explained the delayed announcement of the security incident during a press conference, citing concerns about further attacks and avoiding market panic related to the stolen assets.
According to Kim, a hacker gained unauthorized access by stealing the authentication key for Nile, its non-fungible token (NFT) platform’s service monitoring system.
Following this breach, the attacker spent two months preparing and then executed a series of abnormal transactions. Of 15 withdrawal attempts, 13 were successful, resulting in the theft of 8.6 million WEMIX tokens, which were subsequently sold on exchanges outside South Korea.
Kim stated that the company immediately shut down its servers and initiated an analysis upon discovering the hack.
Chainalysis Data Reveals Alarming Trend
The crypto industry is facing a worrisome increase in cyberattacks. A recent attack on the Bybit exchange, where hackers stole $1.5 billion worth of Ether (ETH), highlights the industry’s ongoing problems.
This attack, which happened on Feb. 21, 2025, shows how skilled the hackers are, including groups such as North Korea’s DPRK.
A 2025 report by Chainalysis also found a big increase in hacking activities linked to North Korea. In 2023, these actors stole approximately $660.5 million in cryptocurrency in 20 different attacks. However, in 2024, there was a significant jump, with 102.88% more attacks and $1.34 billion stolen.
The most significant attack was the Bybit exchange hack, which stole more money than all the DPRK hackers stole in 2024.
