Wemade to compensate users $1.14M after WEMIX$ stablecoin hack

Wemade and the WEMIX Foundation have announced a compensation plan following a hacking incident involving the WEMIX$ stablecoin. The company will provide approximately $1.14 million (1.6 billion KRW) to fully compensate affected users. This compensation targets roughly 170,000 addresses, including WEMIX$ holders, liquidity pool depositors, and users who suffered losses during the incident.

Victims will receive exchange tokens such as eqWEMIX$, which can be swapped 1:1 for the dollar-pegged stablecoin USDC.e once related services resume. In addition to the compensation, Wemade plans to purchase 500,000 WEMIX tokens from the market to stabilize the ecosystem.

The hack occurred last month when attackers exploited a vulnerability in the smart contract's administrator registration function. By gaining unauthorized administrative access, attackers illicitly issued 5,225,525 WEMIX$ tokens, totaling approximately 7.7 billion KRW in damages. The WEMIX team clarified that the incident was due to a smart contract flaw rather than a breach of internal systems or the leakage of private keys.