Wemix denies cover-up amid delayed $6.2M bridge hack announcement
17 Março 2025 - 6:21AM
Cointelegraph


Wemix Foundation CEO Kim Seok-hwan said they had no intention of
concealing a hack on its bridge, which led to over $6 million in
losses.
In a press conference, Kim reportedly said
there was no attempt to cover up the incident, even though the
audience pointed out the announcement was delayed.
On Feb. 28, over 8.6 million WEMIX tokens were withdrawn due to
an attack on the platform’s Play Bridge Vault, which transfers
WEMIX to other blockchain networks. The company only made an
official announcement four days after the attack.
According to Kim, the announcement was delayed due to the
possibility of further attacks and to avoid causing panic in the
market because of the stolen assets.
Related: Bank
of Korea to take ‘cautious approach’ to Bitcoin
reserve
Wemix CEO outlines risks of premature announcement
Wemix said the hacker broke into their system by stealing the
authentication key for the company’s service monitoring system of
Nile, its non-fungible token (NFT) platform.
After the theft, the hacker spent two months preparing before
randomly creating abnormal transactions. The hackers attempted to
withdraw 15 times but only succeeded with 13 withdrawals, taking
away 8.6 million WEMIX tokens and selling them in exchanges outside
South Korea.
Kim explained that upon becoming aware of the hack, they
immediately shut down their servers and began their analysis.
The executive added that they filed a complaint against the
unidentified hacker with the Cyber Investigation Team of the Seoul
National Police Agency. The Wemix CEO said the authorities had
already started investigating the matter.
Kim said that there was a risk in making a premature
announcement. The CEO said that in a situation where the
penetration method was not identified, they could be exposed to
further attacks.
Kim also reiterated that the market had already seen some impact
from the sold assets, and they would risk panic selling if they
announced it immediately.
During the press release, the executive apologized to Wemix
investors, saying that the disclosure delay was his call and that
he should be held responsible if anything goes wrong.
WEMIX token drops 39% amid hack announcement
Despite the attempt to avoid causing market panic, the WEMIX
token dropped by nearly 40% from the day of the exploit to March 4,
when the company finally announced the hack.
The price went from $0.70 on Feb. 27 to a low of $0.52 on Feb.
28. The price went down to $0.42 on March 4. At the time of
writing, the crypto asset trades at $0.58, which is still 17% below
its pre-hack price.
WEMIX token price chart. Source: CoinGecko
Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan
dives into stablecoins: Asia Express
...
Continue reading Wemix denies cover-up amid delayed
$6.2M bridge hack announcement
The post
Wemix denies cover-up amid delayed $6.2M bridge hack
announcement appeared first on
CoinTelegraph.
Bitcoin (COIN:BTCUSD)
Gráfico Histórico do Ativo
De Fev 2025 até Mar 2025
Bitcoin (COIN:BTCUSD)
Gráfico Histórico do Ativo
De Mar 2024 até Mar 2025