{"id":49252,"date":"2025-03-17T13:39:52","date_gmt":"2025-03-17T13:39:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/wemix-ceo-delayed-6-2m-hack-announcement-was-to-prevent-market-panic\/"},"modified":"2025-03-17T13:39:52","modified_gmt":"2025-03-17T13:39:52","slug":"wemix-ceo-delayed-6-2m-hack-announcement-was-to-prevent-market-panic","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/wemix-ceo-delayed-6-2m-hack-announcement-was-to-prevent-market-panic\/","title":{"rendered":"Wemix CEO: delayed $6.2M hack announcement was to prevent &#8220;market panic&#8221;"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681138008510-dc5c23c0-8e67-49a5-993f-26c4f6afbcd3-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681138008510-dc5c23c0-8e67-49a5-993f-26c4f6afbcd3-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681138008510-dc5c23c0-8e67-49a5-993f-26c4f6afbcd3-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681138008510-dc5c23c0-8e67-49a5-993f-26c4f6afbcd3-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li aria-level=\"1\">The Wemix Foundation suffered a $6.2 million hack on February 28, but only alerted its investors on March 4<\/li>\n<li aria-level=\"1\">The hacker managed to steal 8.65 million WEMIX coins<\/li>\n<li aria-level=\"1\">Wemix Foundation\u2019s CEO doesn\u2019t believe the hack is the result of Lazarus<\/li>\n<\/ul>\n<p>Kim Seok-hwan, Wemix Foundation\u2019s CEO, said there was \u201cno attempt\u201d to conceal a $6.2 million hack on it following an announcement four days later.<\/p>\n<p>In a <a href=\"https:\/\/www.yna.co.kr\/view\/AKR20250317065851017?input=1195m\" target=\"_blank\" rel=\"noopener\">press conference<\/a> on Monday, Kim denied any intention to conceal the exploit.<\/p>\n<p>On February 28, over 8.65 million WEMIX coins were withdrawn due to a malicious attack on the platform\u2019s Play Bridge Vault. However, the South Korean platform only alerted its investors when an announcement was posted on its homepage on March 4.<\/p>\n<p>At the press conference, Kim said: \u201cThe announcement was delayed due to concerns about the possibility of additional attacks and the possibility of market panic due to stolen assets.\u201d<\/p>\n<p>According to Kim, most of the assets had already been sold and the market impact had already happened, adding that there was no guarantee of \u201cadditional risk.\u201d<\/p>\n<h2>Sophisticated attack<\/h2>\n<p>Bowing his head several times at the press conference, Kim acknowledged full responsibility for the delayed announcement.<\/p>\n<p>Explaining what happened, Kim said an unidentified attacker stole the service monitoring authentication key for its non-fungible token (NFT) platform Nile. According to Kim, the attacker planned the hack for two months, creating abnormal transactions and attempting 15 withdrawals.<\/p>\n<p>Of these, two failed, but 13 were successful, resulting in the theft of 8.65 million Wemix.<\/p>\n<p>After learning of the exploit, Kim said they shut down the server and began a detailed analysis. They also filed a complaint against the attacker with the Cyber \u200b\u200bInvestigation Unit of the Seoul Metropolitan Police Agency.<\/p>\n<p>Kim believes that the hack was unlikely carried out by Lazarus, the North Korean-backed hacking group.<\/p>\n<h2>Latest hack<\/h2>\n<p>In recent weeks, several platforms have suffered security breaches, resulting in the theft of various coins.<\/p>\n<p>Last month, Bybit was hacked after those responsible drained <a href=\"https:\/\/coinjournal.net\/news\/bybit-suffers-1-4-billion-hack-eth-drained-from-exchange-wallet\/\">$1.4 billion worth of Ethereum from a single wallet<\/a>. It was later <a href=\"https:\/\/coinjournal.net\/news\/north-koreas-lazarus-group-behind-hack-as-bybit-loses-1-5b\/\">reported that Lazarus was behind the theft<\/a>.<\/p>\n<p>Days later, <a href=\"https:\/\/coinjournal.net\/news\/infini-suffers-50m-hack-days-after-bybits-1-5bn-exploit\/\">Infini suffered a $50 million hack<\/a>. The attacker in this case had retained the admin rights after working on Infini\u2019s development contract, enabling them to gain access to the funds.<\/p>\n<p>Regarding the Wemix Foundation, Kim said on March 13 that they will buy back 10 billion Korean won (around $7 million) worth of Wemix tokens. The following day, the foundation announced plans to purchase a further 20 million tokens.<\/p>\n<p>During the press conference, Kim said they are working towards fully resuming services on Friday, March 21 after introducing new security measures to their blockchain infrastructure.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/wemix-ceo-delayed-6-2m-hack-announcement-was-to-prevent-market-panic\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The Wemix Foundation suffered a $6.2 million hack on February 28, but only alerted its investors on March 4 The hacker managed to steal 8.65 million WEMIX coins Wemix Foundation\u2019s CEO doesn\u2019t believe the hack is the result of Lazarus Kim [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":49253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/49252"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=49252"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/49252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/49253"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=49252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=49252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=49252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}