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Wemix says delay in disclosing $6.2 million hack was to prevent panic: report

🚨 *Wemix Denies Cover-Up Amid Delayed $6.2M Bridge Hack Announcement* 🚨 Wemix Foundation CEO Kim Seok-hwan has denied allegations of a cover-up regarding a hack on its bridge, which resulted in losses of over $6 million 💸. The hack occurred on February 28, but the company only made an official announcement four days later 📆. *Delayed Announcement Sparks Concerns* 🤔 The delayed announcement has raised concerns among investors, with the WEMIX token plummeting by nearly 40% between the day of the attack and the company's breach announcement 📉. Kim attributed the delay to the possibility of further attacks and a desire to avoid causing panic in the market 😬. *Hack Details Revealed* 🕵️‍♂️ According to Kim, the hacker stole the authentication key for the company's service monitoring system, allowing them to create abnormal transactions 🤖. The hacker spent two months preparing before attempting to withdraw funds 15 times, succeeding in 13 withdrawals and stealing 8.6 million WEMIX tokens 📊. *Investigation Underway* 🚔 Kim confirmed that the company has filed a complaint with the Cyber Investigation Team of the Seoul National Police Agency and that an investigation is underway 🔍. *WEMIX Token Price Impact* 📊 The WEMIX token price dropped from $0.70 on February 27 to a low of $0.42 on March 4, following the hack announcement 📉. At the time of writing, the token trades at $0.58, still 17% below its pre-hack price 📊.$BTC

$WEMIX CEO cites potential follow-up attacks and market panic for delayed hack disclosure In response to criticism over the delayed disclosure of a 9 billion won ($6.2 million) hack, Kim Seok-hwan, CEO of WEMIX PTE. LTD., a Singapore-based Wemade subsidiary, said there was no…

WEMIX to recover stolen tokens and initiate buyback Blockchain game platform WEMIX $WEMIX announced on its official Telegram channel that it plans to recover the stolen WEMIX tokens using reserves held by the foundation and will also initiate a token buyback. The company added that it will resume its Play Bridge service as soon as a security review is completed. Earlier, WEMIX reported that approximately 8,654,860 tokens were abnormally withdrawn from its Play Bridge Vault due to a malicious external attack on Feb. 28.

$WEMIX reports $8.65M Play Bridge exploit WEMIX has reported a malicious attack on its Play Bridge Vault on February 28, 2025, leading to the unauthorized withdrawal of 8,654,860 WEMIX coins. In response, the team immediately suspended the service, blocked attack routes and initiated an investigation in collaboration with security firm Theori. According to an official announcement, Play Bridge and Swap services remain suspended until stability is ensured.