Wemix Foundation Admits to Significant Token Loss Due to Hack

According to BlockBeats, the Wemix Foundation, a subsidiary of Wemade, has disclosed a loss of approximately 8.65 million WEMIX tokens, valued at around $6.22 million, due to a hacking incident. The breach occurred on February 28 when hackers exploited the authentication keys of the NFT platform 'Nile' to attack the Play Bridge Vault system. Kim Seok-hwan, a representative of the Wemix Foundation, revealed the details during an emergency meeting. He explained that the delay in announcing the breach was due to concerns about potential further attacks and market panic, emphasizing that there was no intention to conceal the incident. In response to the attack, Wemix has reported the incident to the police and initiated a buyback plan worth 10 billion Korean won to safeguard investors. The company aims to fully restore services by March 21 and plans to enhance its crisis response protocols, including improving communication with investors. Currently, the Korea Digital Asset Trading Association has designated WEMIX as a trading warning project and has suspended deposits.