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WEMIX Stablecoin Admin Exploit (July 2026)

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[AI-DRAFTED · AWAITING VERIFICATION]

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anchored·47hrAL…e4xZ

Summary

On July 26, 2026, an unidentified attacker obtained administrative (owner) privileges over the WEMIX Dollar (WEMIX$) stablecoin smart contract on the WEMIX3.0 network, minting approximately 5.23 million unauthorized tokens worth roughly $5.22 million and moving approximately $724,198 in USDC.e off-chain before WEMIX suspended all bridges and liquidity pools. The incident marked the second major security breach for Wemade's WEMIX blockchain platform in under 18 months, compounding prior regulatory penalties including a June 2025 delisting by South Korea's top five exchanges under DAXA.

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♦WEMIX Stablecoin Admin Exploit (July 2026)
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    Timeline(8 events)

    28 February 2025

    WEMIX Play Bridge Vault hacked; approximately 8.65 million WEMIX tokens (~$6.1-6.2 million) stolen after authentication keys were compromised via a shared developer repository. Wemade delayed public disclosure by approximately four days.

    Halborn / Ainvest

    2 May 2025

    DAXA (South Korea's Digital Asset eXchange Alliance) announced the delisting of the WEMIX token from South Korea's five major exchanges, effective June 2, 2025, citing token circulation disclosure failures and the handling of the 2025 hack. WEMIX token briefly fell over 60%.

    Invezz

    2 June 2025

    WEMIX token delisted from Upbit, Bithumb, Korbit, Coinone, and Gopax per DAXA decision.

    CoinGeek

    March 2026

    WEMIX began transitioning from its native WEMIX$ stablecoin to USDC.e on its WEMIX3.0 network, requiring contract redeployments and permission reconfigurations that analysts later noted may have introduced new attack surfaces.

    Crypto Briefing

    26 July 2026

    At approximately 18:17 KST (09:17 UTC), an unidentified attacker exploited compromised owner-level administrative privileges on the WEMIX$ stablecoin smart contract, minting approximately 5,225,525 unauthorized WEMIX$ tokens (~$5.22 million).

    CryptoTimes / KuCoin Blog

    26 July 2026

    Attacker swapped minted WEMIX$ for approximately 30,736 WEMIX tokens and 724,198.27 USDC.e on a DEX, then bridged the USDC.e to Ethereum and BNB Smart Chain and dispersed into ETH, USDT, and other assets across multiple wallets.

    KuCoin Blog / Crypto.news

    27 July 2026

    WEMIX publicly disclosed the exploit approximately 15 hours after the incident. The foundation suspended all WEMIX3.0 bridges (Chainlink CCIP and PLAY Bridge), froze affected liquidity pools, halted the PNIX DEX and WEMIX$ conversion module, withdrew foundation liquidity from DeFi protocols, and requested global exchange asset freezes.

    WEMIX / BitcoinWorld / CryptoTimes

    27 July 2026

    Wemixfi's total value locked (TVL) fell by approximately 66% following emergency liquidity withdrawal and service suspensions.

    BitcoinWorld
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain19 Wayback Archives

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 19 of 21 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 7/29/2026, 12:10:11 PM

    last updated: 7/30/2026, 8:05:50 AM

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