500,000 WEMIX to Be Bought Back
Wemade will provide full compensation of approximately $1.14 million (about 1.6 billion won) to users who suffered losses from the hacking incident involving its stablecoin Wemix Dollar (WEMIX$) that occurred last month.
On August 26, Wemade announced via a notice on the Wemix homepage that it had conducted a comprehensive review of transaction histories on WEMIX3.0 and Playchain, and determined the size of compensation based on actual losses incurred.
The compensation applies to roughly 170,000 addresses, including those who held WEMIX$ just before the incident, liquidity pool depositors, and users who suffered losses during transactions at the time of the hack. Victims will receive ‘eqWEMIX$’—a swap token—instead of WEMIX$. Once related services resume, eqWEMIX$ can be exchanged 1:1 with the dollar-pegged stablecoin USDC.e.
The hacking incident occurred on July 26, when smart contract administrator privileges—used for issuing WEMIX$—were transferred to the attacker. A total of 5,225,525 WEMIX$—worth about 7.7 billion won—were illicitly issued. Investigations revealed that the attacker exploited a vulnerability in which access restrictions to the administrator registration function were not properly configured.
Wemade estimates that the maximum number of WEMIX dollars that could potentially be released to the market as a result of this incident is about 160,000. To minimize negative impacts, the company decided to buy back 500,000 WEMIX, which is more than three times that figure. However, the company stated, “Cases have been identified in which assets were acquired through transactions related to fraudulent issuance,” and “Such cases will be excluded from the compensation program.”
Hot Picks Today
Payouts and token exchanges will be processed in batches once per week. Detailed compensation schedules and application methods will be announced in a future notice.
This content was produced with the assistance of AI translation services.
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
Click Here For The Original Source.
