WEMIX Network Frozen After Hackers Mint 5.2M Stablecoins via Compromised Contract

Woofun AI reports that the WEMIX3.0 network was suspended following an incident where compromised ownership of a contract tied to its WEMIX$ stablecoin enabled approximately 5.23 million tokens to be minted without authorization. This breach prompted the immediate suspension of bridges, liquidity pools, and several services on the WEMIX3.0 network.

Structurally, owner-level control was exploited to produce tokens outside the whitepaper's intended minting path.

Woofun AI data shows the 5,225,525 unauthorized WEMIX$ was converted into 30,736 units of the network's native WEMIX token and 724,198.27 USDC.e, the bridged stablecoin used on WEMIX3.0. WEMIX has not disclosed the exact route by which that control was compromised, and its update does not establish that the USDC.e later moved by the attacker came directly from the Treasury.

Notably, the converted USDC.e was bridged to Ethereum and BNB Smart Chain, where it was swapped into assets including ETH and USDT. These assets were then distributed among multiple addresses, with some later deposited at centralized exchanges. WEMIX's July 26 response listed every bridge connected to and from WEMIX3.0 as suspended, including its Chainlink CCIP route and PLAY Bridge. The announcement did not attribute the compromise to Chainlink or report a CCIP failure.

The nominal number of tokens minted does not establish a $5.23 million loss, as WEMIX has not issued a final loss estimate or identified the exchanges involved. WEMIX's July 26 response listed every bridge connected to and from WEMIX3.0 as suspended, including its Chainlink CCIP route. The unresolved cause and potential user losses leave the scope of the incident dependent on the company's next findings.