Catenaa, Thursday, March 27, 2025 – Wemix Foundation’s CEO Kim Seok-hwan has defended the four-day delay in publicly announcing the $6.2 million hack of its Play Bridge platform, saying the decision was made to avoid causing panic in the market. The exploit, which resulted in the theft of 8.65 million Wemix tokens, was first detected on February 28 but wasn’t revealed to the public until March 4.
Kim took full responsibility for the delayed disclosure, offering an apology to investors at a press conference. He explained that releasing details about the breach too early, before understanding how the attack occurred, could have led to additional attacks.
The attack appears to have been carried out by a professional hacker who accessed the system using a stolen authentication key for Wemix’s NFT platform, Nile. According to Kim, the hacker had spent two months preparing the attack, ultimately completing 13 successful withdrawals out of 15 attempts.
Despite rumors, Kim stated that investigations suggest the hack was not conducted by Lazarus, a notorious North Korean hacker group.
The hack’s revelation triggered a 18% drop in Wemix’s token price on February 28, with further declines following the delayed announcement. In an effort to stabilize the market, the Wemix Foundation initiated a buyback of 10 billion Korean won worth of tokens on March 13.
Wemix also plans to enhance security measures and launch services on a new blockchain infrastructure by Friday.
