Cause of WEMIX Dollar hack identified... a code flaw, not a private key issue

Wemix said the WEMIX$ hack was caused by a three-year-old initialization flaw in its DIOS and AMA proxy contracts, not a stolen private key.

The attacker reset admin control and used repeated flash-loan and token-swap actions to mint 5.22 million WEMIX$ without authorization.

Wemix has traced 723,244 USDC.e and 34,752 WEMIX moved off-chain, reported the case to authorities, and suspended related services.

The incident shows how dormant smart contract bugs can trigger token inflation, market disruption, and service shutdowns years after deployment.