The WEMIX Foundation said it was investigating a compromise of the minting authority behind its WEMIX$ stablecoin, after ownership of a contract related to WEMIX$ on WEMIX3.0, the foundation's own blockchain, was taken over and used to issue tokens without authorization on 26 Jul.
WEMIX Foundation Halts Bridges After Attacker Mints WEMIX$
27 July 2026 - 06:23 CEST
By Oihyun Kim
The foundation, which operates the network's bridges and core services, said the cause and full scale remain under investigation and that the figures are preliminary.
The abnormal transactions occurred at 09:17UTC on 26 Jul, when the compromised ownership was used to issue WEMIX$ and transfer bridged USD Coin (USDC.e) to external addresses, according to the notice.
It put the unauthorized issuance at about 5.23mn WEMIX$, converted into 30,736 WEMIX and 724,198 USDC.e. That USDC.e was moved through bridges to Ethereum and BNB Smart Chain, swapped into assets including Ether (ETH) and Tether (USDT) and partly deposited into centralized exchanges.
Bridges and pools suspended
As precautionary measures to prevent further impact, the foundation temporarily suspended all bridges to and from WEMIX3.0, halted trading in five affected liquidity pools, four of them WEMIX$ pairs, and withdrew its own liquidity, the notice said.
Services including the WEMIX$ Module and PNIX, a decentralized exchange on the network, were suspended. NFT marketplace trading and bidding were disabled. The attacker's addresses have been identified and onchain flows are being tracked, with freeze requests sent to exchanges and stablecoin issuers and some freezes completed, the foundation said.
"The WEMIX Team sincerely apologizes for the concern caused," the foundation said in its first statement on the incident.
Follows 2025 vault theft
The incident follows a February 2025 breach in which attackers drained roughly 8.65mn WEMIX from the PLAY Bridge Vault, a bridge mechanism unrelated to the WEMIX$ contract. The theft was disclosed several days later, and four Korean exchanges subsequently ended WEMIX trading support, citing the delayed disclosure and a review of the credibility and security of Wemade, the South Korean game company behind the token.
WEMIX now trades mainly outside Korea: the 10 most active pairs listed by CoinGecko are on non-Korean venues including Gate, XT.COM, Bybit and Kraken.
Stablecoin was being retired
WEMIX$, a USDC-collateralized stablecoin, had already been dropped as the base currency of WEMIX PLAY, the foundation's blockchain gaming platform, which switched to USDC.e in April under an announced transition plan. CoinGecko prices it from three of the suspended pools, all on a single venue, WEMIX.Fi. Quotes from those pools put WEMIX$ at $0.0099 at 04:00UTC on 27 Jul, down 99% over 24 hours.
The WEMIX token has been volatile since the incident, trading as low as about $0.18 on 26 Jul before recovering above $0.23 and easing back to $0.2110 by 04:00UTC on 27 Jul, TradingView data showed.
