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Altcoin Founder Reveals: Why Did They Keep the Attack Bringing Decline Hidden for 4 Days? - Coin Bulletin
The Wemix Foundation, based in South Korea, announced that it delayed the announcement of the $6.2 million attack by four days to prevent any panic in the market.
The Wemix Foundation, a blockchain-focused subsidiary of South Korean game developer Wemade, recently came to the fore with a serious cyber attack. The foundation's "Play Bridge" platform was targeted by hackers on 28 February**, but the announcement of the incident took place only on 4 March.
In the incident, 8.65 million Wemix (WEMIX) tokens, approximately $6.2 million worth, were stolen. Wemix Foundation CEO Kim Seok-hwan, at a press conference held on Monday, accepted the criticisms due to the delay and took responsibility, apologizing to investors. Kim also expressed concerns that making a rushed statement before understanding how the attack occurred could invite a second attack.
Kim, who detailed the attack, emphasized that the hack attack was not amateurish, but rather went through a very professional preparation process. According to Kim's statement, the attacker infiltrated the system by obtaining the service monitoring authentication key belonging to Wemix's NFT platform Nile. After about two months of preparation, the attacker made a total of 15 token withdrawal attempts, and 13 of them were successful. The CEO also said that they believe the attack was not carried out by the North Korean-backed Lazarus hacker group.
Wemix Foundation announced that it will conduct a token buyback of approximately 10 billion South Korean won, worth about 6.9 million dollars, on March 13th to compensate for the incurred losses and restore the token value to previous levels. The foundation further disclosed that it would acquire an additional 20 million tokens, successfully pushing the token price back above $0.70 briefly as the purchases began.
According to CoinGecko data, WEMIX had lost 20% of its value on the day of the attack, and is currently trading at 0.588 dollars.