WEMIX suspended bridge activity, token trading and parts of WEMIX PLAY after an attacker gained control of a contract linked to the WEMIX$ stablecoin. On-chain transfers show about $724,198 in USDC.e left the ecosystem, despite reports that valued the incident above $6 million.
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The attacker obtained owner privileges for a smart contract connected to WEMIX$ on July 26. That access allowed the unauthorized creation of about 5.23 million stablecoin tokens. WEMIX detected the abnormal activity at 9:17 UTC.
A large unauthorized mint does not equal a realized loss of the same size. The attacker first needed to exchange the new supply for assets carrying external liquidity.
Available transaction data shows conversion into roughly 30,736 WEMIX and 724,198.27 USDC.e. The USDC.e then crossed bridges into Ethereum and BNB Smart Chain before further swaps into assets including ETH and USDT. Some funds later reached centralized exchanges.
Several reports described the incident as a $6.25 million hack by assigning a face value to all unauthorized WEMIX$. However, the verified external transfer was closer to $724,198. Most of the minted supply may therefore remain inside contracts, liquidity pools or wallets that WEMIX can track or restrict.
WEMIX first disclosed a possible contract ownership problem at 16:30 UTC. The team later halted bridges, affected liquidity pool trading and services tied to the WEMIX$ module and PNIX decentralized exchange.
WEMIX PLAY also limited blockchain functions while its game platform and NFT marketplace underwent checks. NFT trading and bidding were disabled as a protective measure.
The foundation identified linked wallet addresses and contacted exchanges, bridge providers and stablecoin issuers. Requests included transaction tracing, account restrictions and asset freezes.
WEMIX has not yet published a final technical explanation covering how contract control was compromised. Recovery totals also remain unconfirmed.
The breach came less than three weeks after WEMIX began USD trading on Kraken on July 7. Wemade presented the listing as a route into the US, UK, Canadian and Australian markets.
Wemade also faces a change in control. Founder Park Kwan-ho agreed to sell a 39.33% holding to NeoPulse, a Korean subsidiary linked to Hong Kong investment company Shengsong Investment. The transaction, valued near $590 million, is scheduled to complete on October 30. NeoPulse would then become the largest shareholder with a 40.25% interest.
Public statements around the transaction focused on China, artificial intelligence and the Legend of Mir game franchise. No detailed plan was provided for WEMIX under the future ownership structure.