The WEMIX team at WEMADE has identified a hacking incident caused by the unauthorized acquisition of 'WEMIX$' smart contract privileges and has initiated asset protection measures.

According to a notice on the 27th, the malicious transaction occurred at 6:17 PM on the 26th. The attacker gained administrative control over 'WEMIX$' and minted 5225525 'WEMIX$' tokens without authorization. Of the minted assets, 30736 'WEMIX' and 724198.27 'USDC.e' were transferred externally.

The converted assets were moved to the Ethereum and Binance Smart Chain networks via Chainlink CCIP and the Play Bridge. The attacker swapped these assets for Ethereum and Tether before sending them to a centralized exchange.

To prevent further damage, the WEMIX team suspended the operation of bridges both within and outside the WEMIX3 network. Liquidity pool trading was also halted, specifically for the WEMIX-USDC.e, WEMIX-WEMIX$, KRO-WEMIX$, TIPO-WEMIX$, and PLAY-WEMIX$ pools. In addition to withdrawing foundation-supplied liquidity, the team shut down the Phoenix DEX and backend systems.

Services related to the gaming ecosystem were also blocked. The team conducted inspections of WEMIX PLAY features, blockchain-integrated content, and NFT market trading and bidding functions.

The WEMIX team tracked the on-chain fund flow to identify the attacker's address. They have requested that global virtual asset exchanges and stablecoin issuers freeze the associated assets, and have confirmed that some exchanges have already frozen the relevant addresses.

'WEMIX$' is a stablecoin that maintains its value by using 'USDC.e' as collateral. The unauthorized withdrawal of deposited assets and the illicit minting of tokens disrupt the mainnet liquidity system and the token's pegged value. Bridge segments connecting different networks are also frequent targets for such hacking attacks.

The WEMIX team stated, "We are conducting a comprehensive inspection of all related contracts with external experts," adding, "We will provide follow-up notices as soon as recovery plans are finalized."