WEMIX / WEMIX$ Stablecoin
Summary
WEMIX is a South Korean Layer 1 blockchain gaming platform operated by publicly listed game developer Wemade, serving over 5.4 million registered users across multiple Web3 gaming titles as of end-2025. The platform has experienced three major governance or security failures since 2022, including two hacks totaling approximately $12.3M in losses and two rounds of delisting from South Korean domestic exchanges, with the second delisting upheld by Seoul courts in September 2025. A July 2026 exploit — WEMIX's second critical security incident in 18 months — compromised admin-level control over the WEMIX$ stablecoin contract and minted 5.23 million unauthorized tokens worth approximately $6.25M, exposing a systemic architectural vulnerability in the project's centralized key management model.
Connected Entities
1 entities- + 4 more
Timeline(14 events)
2021-11-01
WEMIX token reaches all-time high of approximately $24.68, driven by MIR4 play-to-earn launch with over 1.4 million concurrent users.
CoinLore / CryptoNews historical data2022-10-27
DAXA issues investment warning against WEMIX, alleging discrepancies between reported and actual token circulation volumes.
Korea Herald2022-11-24
DAXA votes to delist WEMIX from Upbit, Bithumb, Coinone, and Korbit, citing false information in circulation disclosure.
CoinDesk2022-12-08
Seoul court denies Wemade's injunction request against first WEMIX delisting. Token falls from approximately $1.55 to $0.46.
CoinDesk2023-08-01
WEMIX relisted on domestic South Korean exchanges following remediation efforts. Token recovers to approximately $4.35 during 2023 peak.
The Korea Times2025-02-28
Attackers drain approximately 8.65 million WEMIX tokens (approximately $6.1-6.2M) from the Play Bridge Vault using compromised authentication keys linked to the NILE NFT monitoring system.
Halborn Security / CryptoTimes2025-03-04
Wemade CEO Kim Seok-hwan publicly discloses the February 28 hack, four days after the incident. He cites prevention of panic and further exploitation as justification for the delay.
CryptoTimes2025-05-02
DAXA announces second delisting of WEMIX from domestic exchanges citing the hack, four-day disclosure delay, and insufficient remediation. WEMIX token plunges approximately 60% within minutes.
The Block / The Korea Times2025-05-30
Seoul Central District Court dismisses Wemade's injunction request against the second delisting, ruling that WEMIX failed to faithfully disclose the hack.
Asia Economy Daily / CryptoNews2025-06-02
Second WEMIX delisting from South Korean domestic exchanges takes effect. WEMIX becomes the first cryptocurrency to be delisted twice in South Korea.
The Korea Times2025-07-02
Withdrawal services for WEMIX on domestic South Korean exchanges discontinued.
The Korea Times2025-09-09
Seoul High Court dismisses Wemade's appeal against the second delisting, upholding the lower court ruling that WEMIX had not faithfully disclosed material information.
Asia Economy Daily2026-07-26
At 09:17 UTC, attacker gains owner-level admin control over the WEMIX$ stablecoin contract and mints 5,225,525 unauthorized WEMIX$ tokens. Converted funds (724,198 USDC.e and 30,736 WEMIX) are bridged to Ethereum and BNB Smart Chain.
CryptoTimes / Crypto.news / CryptoSlate2026-07-27
WEMIX confirms the breach and announces suspension of all bridges, liquidity pools, WEMIX$ module, and PNIX DEX. WEMIX.Fi TVL drops approximately 66%. Incident confirmed approximately 15 hours after first detection.
CryptoTimes / BitcoinWorld / KuCoinDecision Log
- #1publish⛓ pending8/3/2026, 12:10:04 PMhash: 2F1b99chjidX6V1xcbNSouz1ijwhqMXUJXShKDmESmFh
17 of 23 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/3/2026, 12:09:53 PM
last updated: 8/3/2026, 8:24:31 PM
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