WEMIX: Attacker Diverted $724K After Stablecoin Contract Breach

On Sunday at 09:17 UTC an attacker gained control of a contract tied to WEMIX$, the layer-1 network’s stablecoin, and minted about 5.23 million WEMIX$. The tokens were converted into roughly 30,736 WEMIX and 724,198.27 USDC.e, which were bridged to Ethereum and BNB Smart Chain and moved across multiple addresses.

The USDC.e holdings were exchanged for assets including Ether and Tether’s USDT and distributed across several wallets. Some of the funds were deposited into centralized exchanges. WEMIX identified the attacker wallets and requested asset freezes and cooperation from exchanges and stablecoin issuers; some exchanges have frozen addresses linked to the incident.

To limit further activity the company temporarily suspended all bridges connected to WEMIX3.0, including Chainlink’s CCIP and the PLAY Bridge. Trading in affected liquidity pools was halted, foundation-provided liquidity was withdrawn, and services including the WEMIX$ Module and the PNIX decentralized exchange were paused.

WEMIX described the figures as preliminary and noted the cause and full impact remain under investigation. The company warned the numbers could change as partners respond to freeze requests and the probe continues.

When a contract that controls minting or ownership is compromised, attackers can create tokens and move them off-network by swapping or bridging them, which can complicate efforts to trace and recover funds.