{"id":38549,"date":"2025-03-17T14:00:04","date_gmt":"2025-03-17T11:00:04","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=38549"},"modified":"2025-03-17T13:27:26","modified_gmt":"2025-03-17T10:27:26","slug":"wemix-denies-allegations-of-concealing-6-2m-hack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/wemix-denies-allegations-of-concealing-6-2m-hack\/","title":{"rendered":"Wemix Denies Allegations of Concealing $6.2M Hack"},"content":{"rendered":"<p><a href=\"https:\/\/coinengineer.net\/blog\/new-memecoin-fiasco-from-libra-creator-99-crashed\/\"><strong>The Wemix token<\/strong><\/a> lost nearly 40% of its value between the day of the attack and the company\u2019s breach announcement four days later.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/wemix-denies-allegations-of-concealing-6-2m-hack\/#Wemix_CEO_Denies_Cover-Up_Allegations_on_Hack\" title=\"Wemix CEO Denies Cover-Up Allegations on Hack\">Wemix CEO Denies Cover-Up Allegations on Hack<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/wemix-denies-allegations-of-concealing-6-2m-hack\/#Reason_for_the_Delay_Preventing_Further_Attacks\" title=\"Reason for the Delay: Preventing Further Attacks\">Reason for the Delay: Preventing Further Attacks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/wemix-denies-allegations-of-concealing-6-2m-hack\/#Details_of_the_Attack_Stolen_Authentication_Key_and_Long_Preparation\" title=\"Details of the Attack: Stolen Authentication Key and Long Preparation\">Details of the Attack: Stolen Authentication Key and Long Preparation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/wemix-denies-allegations-of-concealing-6-2m-hack\/#Investor_Concerns_and_Market_Reaction\" title=\"Investor Concerns and Market Reaction\">Investor Concerns and Market Reaction<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"0\" data-end=\"49\"><span class=\"ez-toc-section\" id=\"Wemix_CEO_Denies_Cover-Up_Allegations_on_Hack\"><\/span>Wemix CEO Denies Cover-Up Allegations on Hack<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"51\" data-end=\"364\"><strong data-start=\"51\" data-end=\"89\">Wemix Foundation CEO Kim Seok-hwan<\/strong> stated that there was no intention to conceal the attack on the platform&#8217;s bridge system, which resulted in over <strong data-start=\"203\" data-end=\"217\">$6 million<\/strong> in losses. Despite criticism over the <strong data-start=\"256\" data-end=\"274\">four-day delay<\/strong> in announcing the breach, Kim argued that it was not an attempt to cover up the incident.<\/p>\n<h2 data-start=\"366\" data-end=\"418\"><span class=\"ez-toc-section\" id=\"Reason_for_the_Delay_Preventing_Further_Attacks\"><\/span>Reason for the Delay: Preventing Further Attacks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"420\" data-end=\"728\">On <strong data-start=\"423\" data-end=\"438\">February 28<\/strong>, Wemix\u2019s <strong data-start=\"448\" data-end=\"469\">Play Bridge Vault<\/strong>, a platform facilitating transfers between blockchain networks, was targeted by malicious actors. The attackers stole <strong data-start=\"588\" data-end=\"616\">8.6 million WEMIX tokens<\/strong> and sold them on major exchanges. However, the company only made the official announcement <strong data-start=\"708\" data-end=\"727\">four days later<\/strong>.<\/p>\n<p data-start=\"730\" data-end=\"1008\">According to <strong data-start=\"743\" data-end=\"754\">CEO Kim<\/strong>, the delay in the announcement was to prevent further attacks and avoid panic selling in the market. Kim emphasized that releasing an early announcement before fully understanding the attack method could have led to more vulnerabilities for the company.<\/p>\n<h2 data-start=\"1010\" data-end=\"1083\"><span class=\"ez-toc-section\" id=\"Details_of_the_Attack_Stolen_Authentication_Key_and_Long_Preparation\"><\/span>Details of the Attack: Stolen Authentication Key and Long Preparation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1085\" data-end=\"1325\">The company revealed that the hacker gained access by stealing the <strong data-start=\"1152\" data-end=\"1174\">authentication key<\/strong> for Wemix\u2019s Nile NFT platform\u2019s service monitoring system. The attacker spent two months planning the attack and then initiated abnormal transactions.<\/p>\n<p data-start=\"1327\" data-end=\"1499\">The hacker attempted to withdraw funds <strong data-start=\"1366\" data-end=\"1378\">15 times<\/strong>, succeeding in <strong data-start=\"1394\" data-end=\"1409\">13 attempts<\/strong>, stealing <strong data-start=\"1420\" data-end=\"1448\">8.6 million WEMIX tokens<\/strong>, which were sold on exchanges outside South Korea.<\/p>\n<p data-start=\"1501\" data-end=\"1761\">Kim stated that as soon as they became aware of the hack, they shut down their systems and began an in-depth analysis. The company also filed a formal complaint with the <strong data-start=\"1671\" data-end=\"1725\">Cyber Crimes Division of the Seoul National Police<\/strong>, and the investigation has started.<\/p>\n<h2 data-start=\"1763\" data-end=\"1804\"><span class=\"ez-toc-section\" id=\"Investor_Concerns_and_Market_Reaction\"><\/span>Investor Concerns and Market Reaction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1806\" data-end=\"2045\"><strong data-start=\"1806\" data-end=\"1823\">Kim Seok-hwan<\/strong> took responsibility for the delay in the announcement and apologized to Wemix investors, saying that if any mistake was made, he should be held accountable. He emphasized that the decision to manage the situation was his.<\/p>\n<p data-start=\"2047\" data-end=\"2296\" data-is-last-node=\"\" data-is-only-node=\"\">Despite the delay, the market\u2019s sharp decline could not be prevented. After the hack, the <strong data-start=\"2137\" data-end=\"2160\">WEMIX token\u2019s price<\/strong> fell by <strong data-start=\"2169\" data-end=\"2176\">39%<\/strong>, from <strong data-start=\"2183\" data-end=\"2192\">$0.70<\/strong> to <strong data-start=\"2196\" data-end=\"2205\">$0.42<\/strong>. Currently, the asset is trading at <strong data-start=\"2242\" data-end=\"2251\">$0.58<\/strong>, still <strong data-start=\"2259\" data-end=\"2272\">17% lower<\/strong> than before the attack.<\/p>\n<hr \/>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for <\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Wemix token lost nearly 40% of its value between the day of the attack and the company\u2019s breach announcement four days later. Wemix CEO Denies Cover-Up Allegations on Hack Wemix Foundation CEO Kim Seok-hwan stated that there was no intention to conceal the attack on the platform&#8217;s bridge system, which resulted in over $6<\/p>\n","protected":false},"author":29,"featured_media":38550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[3248,13049,13048,13047],"class_list":["post-38549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-wemix","tag-wemix-ceo","tag-wemix-hack","tag-wemix-token"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wemix Denies Allegations of Concealing $6.2M Hack - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/wemix-denies-allegations-of-concealing-6-2m-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wemix Denies Allegations of Concealing $6.2M Hack - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The Wemix token lost nearly 40% of its value between the day of the attack and the company\u2019s breach announcement four days later. 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