Cryptocurrency platform WEMIX got hammered with a devastating hack on February 28, 2025, losing a staggering 8,654,860 tokens worth approximately $6.22 million. The hackers targeted the Play Bridge Vault system, making off with millions while leaving behind a trail of digital destruction. Talk about a bad day at the office.
The attack wasn’t some spur-of-the-moment smash and grab. These hackers meticulously planned their heist for two months, stealing authentication keys from the Nile NFT platform. They attempted 15 withdrawals. Thirteen worked. Not bad efficiency for cyber criminals. They quickly dumped the stolen tokens on exchanges outside South Korea. Classic move.
Hackers don’t improvise. Two months of planning, stolen keys, and a quick dump on foreign exchanges. Cybercrime with frightening precision.
Wemix Foundation didn’t exactly rush to tell everyone. They waited until March 4 to make a public announcement, nearly a week after discovering the breach. CEO Kim Seok-hwan defended the delay during a press conference, claiming it was to prevent further damage. The CEO later accepted full responsibility for the decision to delay the announcement. Sure, whatever helps you sleep at night.
The market reaction was predictable and brutal. WEMIX token prices nosedived 40%, plummeting from $0.70 to $0.52 immediately after the hack. By March 4, it had cratered to $0.42. Ouch. The Korea Blockchain Association slapped WEMIX with a “trading alert project” designation. Not exactly a vote of confidence.
Desperate to stop the bleeding, Wemix Foundation launched a 100 billion KRW buyback plan and executed a 20 million token buyback on March 13. This incident further highlights why companies should allocate adequate IT budget for cybersecurity risk assessments, which typically ranges from 5-20% of total IT spending. They’re also overhauling their entire security infrastructure and strengthening transaction monitoring systems. Better late than never.
The company promises full service restoration by March 21, implementing Chainlink’s CCIP for USDC bridging and rebuilding their multi-signature system. They’re expanding their security team too. This isn’t the first crisis for WeMade, as they previously faced delisting issues in December 2022 due to discrepancies in distribution volume.
The token has clawed back some losses, reaching $0.57 by March 17. Recovery? Maybe. Trust? That’s a whole different question.
