Wemix’s executive director states that the delay in the announcement of the Hack of 6.2 million dollars was to avoid panic in the market.

• The Wemix Foundation suffered a hacking of 6.2 million dollars on February 28, but just alerted its investors on March 4.
• The hacker managed to steal 8.65 million Wemix coins
• The executive director of the Wemix Foundation does not believe that the attack is the result of Lazarus

Kim Seok-Hwan, executive director of Wemix Foundation, said there was no “attempt” to hide a computer attack of 6.2 million dollars after an announcement made four days later.

In one press conference On Monday, Kim denied any intention to hide the exploit. On February 28, more than 8.65 million Wemix coins were withdrawn due to a malicious attack against the Play Bridge vault of the platform.

However, the South Korean platform only alerted its investors when an announcement was published on its website on March 4.

At the press conference, Kim declared:

“The announcement was delayed due to the concern about the possibility of additional attacks and the possibility of panic in the market due to asset theft.”

According to Kim, most of the assets had already been sold and the impact on the market had already occurred, and added that there was no guarantee of “additional risk.”

Sophisticated attack

Tilt his head several times during the press conference, Kim recognized all the responsibility for the delay in the ad.

By explaining what happened, Kim said that an unidentified attacker stole the service monitoring authentication key for its non -fungible tokens platform (NFT), Nile.

According to Kim, the attacker planned the attack for two months, creating abnormal transactions and trying 15 retreats. Of these, two failed, but 13 were successful, which resulted in the theft of 8.65 million Wemix.

After learning about the exploit, Kim said they turned off the server and initiated a detailed analysis. They also filed a complaint against the attacker before the Cyber ​​Research Unit of the Seoul Metropolitan Police Agency.

Kim believes that it is unlikely that the attack has been perpetrated by Lazarus, the hacker group backed by North Korea.

The last Hack

In recent weeks, several platforms have suffered security gaps, which has resulted in the theft of several currencies. Last month, Bybit was hacked after those responsible drained $ 1.4 billion in Ethereum of a single wallet. It was later reported that Lazarus was behind theft.

Days later, Infini suffered a $ 50 million hacking. The attacker in this case had preserved the rights of administrator after working in the Infini development contract, which allowed him to obtain access to the funds.

Regarding the Wemix Foundation, Kim said on March 13 that they would repurchase 10 billion Korean Wones (around $ 7 million) in Wemix Tokens.

The next day, the Foundation announced plans to buy another 20 million tokens. During the press conference, Kim said they are working to completely resume services on Friday, March 21 after introducing new security measures in their blockchain infrastructure.