Hackers mint 5.23M WEMIX$, WEMIX suspends network services

On July 26 at 18:17 (UTC+9), a contract owner tied to the WEMIX$ stablecoin was compromised and allowed the unauthorized minting of 5,225,525 WEMIX$. Following the transactions, WEMIX suspended all bridges, paused key trading pools and disabled multiple services across the WEMIX3.0 network.

The company reported the minted WEMIX$ were converted into 30,736 units of the native WEMIX token and 724,198.27 USDC.e. The bridged USDC.e was sent to Ethereum and BNB Smart Chain, swapped into assets including ETH and USDT, and distributed across multiple addresses. Some converted assets were later deposited at centralized exchanges; after cooperation requests, a number of attacker-associated addresses were frozen, though the company did not identify the exchanges or disclose amounts frozen.

WEMIX$ is described in project documentation as 100% collateralized by USDC held in a Treasury, with new supply meant to be created only through Authorized Mint Access granted to the DIOS stability protocol. The company stated that the owner-level control that was breached allowed tokens to be produced outside that authorized minting path. WEMIX has not disclosed how ownership was taken or whether Treasury USDC was directly moved during the incident.

Services listed as suspended include every bridge to and from WEMIX3.0, including the Chainlink CCIP route and the PLAY Bridge. Trading was halted in the WEMIX-USDC.e, WEMIX-WEMIX$, CROW-WEMIX$, TIPO-WEMIX$ and PLAY-WEMIX$ pools. The WEMIX$ Module and the PNIX DEX were paused, blockchain-linked features in some games were restricted, and NFT marketplace trading and bidding were disabled. No timetable for resuming these services has been provided.

The company has not released a final estimate of losses or a complete inventory of frozen funds and potential user impact. WEMIX noted that the nominal number of tokens minted does not directly equate to a dollar-denominated loss and did not link the converted USDC.e conclusively to Treasury holdings. The firm is investigating the incident and coordinating with exchanges and other partners and said it will issue additional updates as findings are confirmed.

At the time of the update, WEMIX’s market data showed the token ranked near #170 by market capitalization and that circulating supply and market performance had fallen over the prior 24 hours.