WEMIX smart contract hacked: $6.25 million worth of tokens illegally minted

The WEMIX blockchain ecosystem, from South Korean listed gaming company Wemade, confirms a serious security incident. An attacker managed to obtain ownership privileges of the WEMIX stablecoin smart contract and subsequently minted approximately $6.25 million worth of tokens, which were illegally transferred.

What exactly happened

On 26 July at approximately 18:18, the ownership rights of the WEMIX dollar smart contract fell into the wrong hands. Using these rights, abnormal transactions were carried out, creating around $6.25 million worth of WEMIX tokens and moving them to external addresses. Converted, this amounts to approximately 87 billion Korean won.

Wemade reports in an official announcement that the company detected irregular transactions in the WEMIX dollar contract and that an emergency response was immediately launched to determine the cause and prevent further damage. Reports Digital Asset Works.

Investigation and next steps

WEMIX says it has already identified the addresses involved in the hack. The company is working with various exchanges and blockchain security firms to trace the stolen funds. If necessary, WEMIX will also involve the authorities.

The incident once again exposes the vulnerability of smart contracts where ownership privileges are central. When an attacker manages to obtain such rights, they can in principle create unlimited tokens without the network automatically preventing it. For now, it is unclear how the attacker managed to take control of the contract, and a full investigation is still ongoing.