WEMIX says admin breach led to $5.2M in abnormal WEMIX$ issuance

WEMIX announced that a compromise of administrator privileges for the WEMIX Dollar stablecoin contract led to the abnormal issuance of about 5.22 million WEMIX$, along with the outflow of about 30,000 WEMIX and 720,000 USDC.e. The abnormal transactions were found to have occurred at around 9:17 a.m. UTC on July 26. The WEMIX team has blocked WEMIX 3.0’s internal and external bridges, temporarily suspended liquidity pool trading, and preemptively withdrew foundation-supplied liquidity in response. As a result, Wemixfi’s total value locked fell 66%.