WEMIX Confirms $6.25M Unauthorized Token Mint After Smart Contract Breach

The WEMIX blockchain ecosystem, created by South Korean gaming company Wemade, has confirmed a security breach involving one of its smart contracts, allowing the unauthorized minting and transfer of approximately $6.25 million in WEMIX tokens.

According to the project, the attacker obtained owner-level privileges on July 26, allowing the abnormal creation and movement of the tokens. 

WEMIX said it has identified the blockchain addresses linked to the incident and is coordinating with cryptocurrency exchanges and blockchain security firms to trace the transferred assets.

The company added that it is prepared to involve law enforcement authorities if necessary as the investigation into the breach continues.

Following the news, the WEMIX token plunged 8% to $0.2183.

Source: WEMIX