The blockchain firm Wemix Foundation has denied allegations of concealing a breach that resulted in over $6.2 million in losses.
Attack on PlayBridge Bolt and Its Consequences
The attack targeted PlayBridge Bolt, a system for transmitting assets across blockchain networks. Hackers exploited a certification key to withdraw approximately 86.5 million Wemix coins.
Responding to the Cyberattack Incident
The foundation immediately shut down the server in question and began an investigation. A complaint was filed with the police, and exchange trading of Wemix Coin was temporarily halted on South Korean exchanges.
Investor Protection and Security Enhancements
Wemix has launched a $75 million buyback program. The company is migrating its entire infrastructure to a new environment and reassessing internal security measures.
Wemix Foundation is taking actions to restore investor confidence and enhance security measures to prevent future incidents.
