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WEMIX suspends bridges and services after unauthorized stablecoin mint

The company said roughly 5.23 million unauthorized WEMIX$ were minted after a contract ownership compromise, and it has not yet provided a final loss estimate or confirmed where the bridged USDC.e ended up.

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WEMIX said compromised ownership of a contract tied to its WEMIX$ stablecoin allowed hackers to mint about 5.23 million WEMIX$ without authorization, prompting the company to suspend bridges, liquidity pools, and multiple services on its WEMIX3.0 network, according to CryptoSlate.

WEMIX said the abnormal activity began at 09:17 UTC on July 26, after ownership of a WEMIX$-related contract was compromised. The company also said it expects WEMIX$ supply to track the USDC volume held in a treasury, and that minting is intended to be available only through Authorized Mint Access granted to the DIOS stability protocol.

CryptoSlate reports that WEMIX said the unauthorized 5,225,525 WEMIX$ was converted into 30,736 units of the network’s native WEMIX token and 724,198.27 USDC.e. WEMIX stated that the converted USDC.e was bridged to Ethereum and BNB Smart Chain, swapped into assets including ETH and USDT, and then distributed across multiple addresses, with some assets later deposited at centralized exchanges.

WEMIX said it has not disclosed the exact route used to compromise the owner-level control, and it did not confirm whether the USDC.e later moved by the attacker came directly from the treasury. It also listed every bridge connected to and from WEMIX3.0 as suspended, halted trading across several pools, paused WEMIX$ Module and PNIX DEX, and disabled blockchain-linked game features and NFT marketplace trading and bidding, while some exchanges froze attacker-associated addresses after receiving cooperation requests.

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