Hackers Mint 5.2M Fake Stablecoins, Forcing WEMIX to Freeze Network
An attacker hijacked a key owner contract on WEMIX, printed millions of fake stablecoins, and swapped them before devs pulled the plug on the chain.
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Key takeaways
- Hackers breached an owner contract to mint 5.2 million WEMIX stablecoins without collateral.
- The attacker swapped the minted supply into native WEMIX and USDC.e.
- Developers responded by freezing the entire network to contain the damage.
- Total financial losses and the impact on everyday users remain unconfirmed.
5.2 million. That's how many fake WEMIX stablecoins hackers just printed out of thin air after breaching a central owner contract, forcing developers to slam the emergency stop button on the whole blockchain.
Contract Breach Triggers Network Shutdown
The breach gave the attacker direct control over token minting. Once inside, the hacker printed millions in unbacked stablecoins and immediately swapped them for native WEMIX and bridged USDC.e.
To stop the bleed, the WEMIX team shut down the entire network. Officials confirmed the newly minted supply ended up in WEMIX and USDC.e, but the total financial damage and final impact on token holders are still unknown.
Why it matters
Admin key compromises are an absolute nightmare for Web3 gaming platforms and crypto casino players tied to custom appchains like WEMIX. When an owner contract gets hit, everything grinds to a halt. If you hold tokens or bet on gaming protocols using single-admin setups, this shutdown shows just how fast central key flaws can lock up your money.
Source: CryptoSlate
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