Major Security Breach at Wemix Foundation

The Wemix Foundation, a prominent entity in the blockchain sector, has recently been the victim of a significant security breach, resulting in the theft of approximately 8.75 billion won worth of digital assets. This incident underscores the vulnerabilities in the digital asset space and the ongoing battle against cyber threats.

Kim Seok-hwan, CEO of Wemix Foundation, expressed his apologies during a press conference held at Hancom Tower in Seongnam, Gyeonggi Province on March 17. The foundation is taking comprehensive steps to address the situation and restore market confidence.

Immediate Response and Investigation

Upon discovering the breach on February 28, the affected server was promptly shut down to prevent further damage. The Wemix Foundation has filed a complaint with the Seoul Metropolitan Police Agency's Cyber Investigation Unit against the unidentified attacker. CEO Kim Seok-hwan emphasized the importance of a thorough analysis and the challenges in notifying the breach without risking additional attacks.

Market Stabilization Efforts

In an effort to stabilize the market and restore investor confidence, the Wemix Foundation has announced a series of buyback plans, including a 10 billion won buyback on March 13 and an additional purchase of 20 million Wemix coins on March 14. These measures aim to mitigate the impact of the theft and prevent future incidents.

Regulatory Attention and Future Plans

The incident has attracted the attention of the Digital Asset Exchange Joint Consultative Body (DAXA), which has designated Wemix coins as items of concern. The Wemix Foundation is relocating all blockchain-related infrastructure to a new environment, with plans for a complete service resumption by March 21. CEO Kim Seok-hwan has committed to taking decisive action against those involved in the attack and working closely with law enforcement agencies.