Wemix Foundation CEO responded to the late announcement of a security breaches on February 28th and announced the reopening of full service on March 21st.
At a press conference held on March 17, Wemix Foundation (Wemix) CEO Kim Seok-Hwan worked on the announcement of delays in recent security breaches on March 21, and announced the full reopening of services on March 21, as first reported by Business Korea.
The incident in question occurred on February 28th, and it transferred Wemix to another blockchain, with a security breaches of the Wemix Foundation's “Play Bridge Vault” Crypto Wallet.
Approximately 8.6 million Wemix tokens were withdrawn, worth around $6.04 million (8.75 billion won). Following the hack, the affected servers were quickly closed, and the company reported it to the Seoul National Police Agency's Cyber Investigation Team.
The incident was confirmed on February 28th, but the Wemix Foundation did not report it until March 4th. At today's press conference, Wemix Foundation CEO Kim Seok-Hwan has been late due to concerns about additional attacks and has worked on a late announcement to avoid panic sales.
This is not the first time the Wemix Foundation has been criticized for its disclosure issue. In October 2022, the Digital Asset Exchange joint consulting body warned investors to pay attention to issues with Wemix's issue regarding disclosure of Wemix's circular volume.
That being said, delaying the announcement appears to have been justified, as CEOs explained that the platform has put further attacks at risk, without identifying how it should be penetrated.
In addition to addressing the delayed announcement, Sock Huang said the Wemix Foundation is investigating the cause of the penetration and relocating all blockchain-related infrastructure. A full reopening is scheduled for March 21st.
In addition to these efforts, the Wemix Foundation has introduced a series of buyback initiatives to stabilize the market. On March 13, they announced a 10 billion victory buyback, then acquired Wemix, which has since been acquired by 20 million people.
Meanwhile, according to Coingecko, Wemix Token rose to $0.57 since its closing date on March 4th (when the company disclosed the hack). However, this is a 3% decrease in the daily time frame.
