Wemix Clarifies Delay in Disclosing $6.2 Million Hack

The South Korean Wemix Foundation delayed the disclosure of a significant $6.2 million hack to prevent market panic. The incident occurred on February 28, but was officially announced on March 4, according to Yonhap.

The company’s CEO, Kim Seok-hwan, publicly apologized and stated that the decision was made to prevent further attacks and minimize consequences.

A hacker extracted approximately 8.65 million WEMIX tokens from Play Bridge. Wemix believes the breach was orchestrated by a professional who prepared the attack for two months. The hacker stole an authentication key for the NFT platform Nile’s monitoring service and made 15 withdrawal attempts, 13 of which were successful.

According to Seok-hwan, the team immediately shut down the compromised server and handed over the data to the police. At this stage, the investigation considers that North Korean hackers from the Lazarus Group are not involved in the incident.

Wemix will complete a security system update and launch new infrastructure solutions on March 17, Seok-hwan reported.

Following the incident, the price of WEMIX fell by 40% (data from CoinGecko). To restore its market value, the foundation announced a token buyback worth 20 billion Korean won ($13.8 million).

Earlier, on March 13, hackers compromised the X-account of the crypto news aggregator DB News to spread false information about the meme coin TRUMP and the project Hyperliquid.