The Wemix Basis is implementing measures to handle the latest $6.2 million safety breach and subsequent drop of the WEMIX token.
In response to the hack, the corporate is presently utilizing its personal funds to purchase again WEMIX cash to extend demand, stabilize the value, which has dropped 42% because the hack, and restore investor confidence.
Particulars of the buyback, together with the tactic, concerned exchanges, remaining amount, and holding pockets tackle, will likely be launched upon completion, based on a March 15 Wemix X submit.
WEMIX Buyback Execution
To swiftly recuperate from the affect of the WEMIX PLAY Bridge incident and restore the soundness of the service and ecosystem, the #buyback execution begins at present.
The buyback methodology and the exchanges the place the buyback was carried out will likely be disclosed… pic.twitter.com/KU6XCWYz8U
— WEMIX (@WemixNetwork) March 14, 2025
Wemix Implements Chainlink to Safe Stablecoin Transfers
The muse can also be integrating expertise from Chainlink, particularly their Cross-Chain Interoperability Protocol (CCIP) to enhance the safety and reliability of their platform, notably in dealing with cross-chain transactions.
This integration is designed to facilitate the safe switch of stablecoins, notably Circle’s USD Coin (USDC) from the Ethereum network, into the Wemix 3.0 mainnet. By establishing a extra sturdy and dependable bridge, the inspiration goals to forestall future depegging occasions and make sure the easy operation of its ecosystem.
Standing Replace on WEMIX$
The #WEMIX Workforce has launched an replace relating to the WEMIX$ incident.
These measures embody integrating Chainlink's CCIP for USDC bridging.
We really apologize for the communication delays.For extra particulars, see the official announcement :… pic.twitter.com/qDEop6YD0r
— WEMIX (@WemixNetwork) March 15, 2025
Safety Breach: Lack of 8.6 Million WEMIX Tokens
On Feb. 28, over 8.65 million WEMIX tokens, valued at round $6.22 million, had been withdrawn because of an assault on the platform’s Play Bridge Vault, which transfers WEMIX to different blockchain networks.
The affected server was instantly shut down, and a grievance was filed with the Seoul Metropolitan Police Company’s Cyber Investigation Unit.
Nevertheless, the Wemix Basis solely made an official announcement 4 days after the assault.
Wemix Basis CEO Kim Seok-hwan defined the delayed announcement of the safety incident throughout a press conference, citing considerations about additional assaults and avoiding market panic associated to the stolen property.
In response to Kim, a hacker gained unauthorized entry by stealing the authentication key for Nile, its non-fungible token (NFT) platform’s service monitoring system.
Following this breach, the attacker spent two months making ready after which executed a sequence of irregular transactions. Of 15 withdrawal makes an attempt, 13 had been profitable, ensuing within the theft of 8.6 million WEMIX tokens, which had been subsequently offered on exchanges exterior South Korea.
Kim said that the corporate instantly shut down its servers and initiated an evaluation upon discovering the hack.
Chainalysis Knowledge Reveals Alarming Pattern
The crypto business is dealing with a worrisome enhance in cyberattacks. A recent attack on the Bybit exchange, the place hackers stole $1.5 billion price of Ether (ETH), highlights the business’s ongoing issues.
This assault, which occurred on Feb. 21, 2025, exhibits how expert the hackers are, together with teams equivalent to North Korea’s DPRK.
A 2025 report by Chainalysis additionally found a big increase in hacking activities linked to North Korea. In 2023, these actors stole roughly $660.5 million in cryptocurrency in 20 completely different assaults. Nevertheless, in 2024, there was a big bounce, with 102.88% extra assaults and $1.34 billion stolen.
Probably the most vital assault was the Bybit change hack, which stole extra money than all of the DPRK hackers stole in 2024.
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