WEMIX to Compensate 1.6 Billion Won for Hacking Victims and Purchase 500,000 Tokens

Wemade will fully compensate users affected by the hacking incident involving WEMIX Dollar (WEMIX$) with approximately 1.6 billion won. In addition to the compensation, the company has decided to purchase 500,000 WEMIX tokens from the market. The compensation will be provided to around 170,000 addresses, including holders of WEMIX Dollar just before the incident, liquidity pool depositors, and users who incurred trading losses at the time of the incident. Affected users will receive eqWEMIX$ instead of WEMIX Dollar, which can be exchanged 1:1 for USD Coin (USDC.e) when the service resumes. The hacking incident occurred on the 26th of last month, resulting in the unauthorized issuance of 5,225,525 WEMIX Dollars after the smart contract administrator rights were transferred to the attacker. The damage has been confirmed to be approximately 7.7 billion won. The WEMIX team explained that the cause of the incident was a flaw in the smart contract, and the attacker exploited a vulnerability in the access restrictions of the administrator registration function. Wemade estimates that the incident could lead to an additional influx of up to 160,000 WEMIX tokens into the market and plans to purchase 500,000 tokens, which is three times that amount. The specific schedule and method for the purchase will be announced later.

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