Recently, the WEMIX (WEMIX) cryptocurrency suffered a hacking attack, resulting in the theft of approximately 8.65 million WEMIX tokens, valued at around KRW 9 billion ($6.8 million). Following the attack, WEMIX prices plunged, major exchanges flagged it as a cautionary asset, and concerns over a second delisting have intensified.
865 Million WEMIX Stolen – Investigation Underway
On February 28, an unauthorized external attack targeted the “Play Bridge Vault” within the WEMIX network. The hacker executed 13 transactions, transferring 8.65 million WEMIX tokens to multiple wallets. WEMIX’s security team promptly detected the breach, activated an emergency task force, and is currently tracking the attack’s origin and perpetrators.
WEMIX Price Crash and Growing Delisting Risks
News of the attack caused WEMIX prices to plummet by 24.38%, falling to KRW 673 within 24 hours. Meanwhile, WEMADE’s stock price dropped by 11.27% on the KOSDAQ market. Major Korean exchanges Bithumb and Coinone designated WEMIX as a “cautionary asset”, restricting trading activities.
With WEMIX previously delisted from Upbit due to regulatory concerns, fears of a second delisting have surfaced. If security vulnerabilities persist and trust is not restored, exchanges could take further action, including potential trading suspensions.
Security Enhancements and Future Outlook
In response, WEMADE is conducting an in-depth analysis to determine the cause of the hack and has pledged to reinforce security measures. Experts warn that cross-chain bridge vulnerabilities are increasingly exploited by hackers, urging blockchain projects to enhance third-party security audits and investor protection policies.
The WEMIX hacking incident underscores the ongoing security risks in the cryptocurrency market. The future of WEMIX will largely depend on how effectively WEMADE responds and whether it can swiftly restore investor confidence in the wake of this breach.
