WEMIX Contract Ownership Compromised; 5.22M WEMIX$ Illegally Minted and Bridged to Ethereum and BSC
AI Market Summary
WEMIX reported compromised contract ownership leading to unauthorized minting of ~5.23M WEMIX, swapped into USDC.e and bridged to Ethereum and BSC, then converted into ETH/USDT with partial CEX deposits. The incident highlights smart-contract and bridge risk, raises counterparty concerns around frozen-asset requests, and can pressure near-term risk appetite across on-chain liquidity, particularly on Ethereum where proceeds were routed.
Impact level
● Medium
Affected assets
ETH/USDT+3.36%
AI Insight · ETH/USDTAI Insight
▼ Bearish
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PANews, July 27 — South Korea's blockchain gaming platform WEMIX released an update on abnormal on-chain activity and its response. The company said its investigation found that ownership of WEMIX-related contracts was compromised, allowing an attacker to mint about 5,225,525 WEMIX$ without authorization. The tokens were then swapped into roughly 30,736 WEMIX and 724,198.27 USDC.e.
WEMIX said the stolen USDC.e was bridged to Ethereum and BSC, converted into assets including ETH and USDT, and partially routed into centralized exchanges. The attacker's wallet addresses and fund flows have been tracked. WEMIX added it is requesting assistance from exchanges and stablecoin issuers to freeze the assets.
The platform said the root cause has yet to be confirmed. Internal teams and external specialists are conducting a full review, including checks of related and similar smart contracts.
