Compromised owner contract just let hackers print 5.2 million WEMIX stablecoins out of thin air, forcing a complete network freeze

The WEMIX team said compromised ownership of a contract tied to its WEMIX$ stablecoin enabled approximately 5.23 million tokens to be minted without authorization, prompting it to suspend bridges, liquidity pools, and several services on the WEMIX3.0 network.

Contract-owner breach tested WEMIX$'s 1:1 design

The WEMIX3.0 whitepaper describes WEMIX$ as 100% collateralized by USDC held in a Treasury and says its supply should remain equal to the Treasury's USDC volume. It also says minting is accessible only through Authorized Mint Access, which is granted solely to the DIOS stability protocol.

WEMIX's preliminary incident update said the abnormal transactions began at 18:17 on July 26 (UTC+9), or 09:17 UTC, after ownership of a WEMIX$-related contract was compromised.

Taken together, the two documents show that owner-level control was used to produce tokens outside the whitepaper's intended minting path. WEMIX has not disclosed the exact route by which that control was compromised, and its update does not establish that the USDC.e later moved by the attacker came directly from the Treasury.

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