Wemix CEO addresses recent hack and announces services resumption on March 21

The CEO of the WEMIX Foundation addressed the late announcement of the security violation of February 28 and announced the full recovery of services on March 21.

During a press conference held on March 17, Wemix Foundation (Wemix) CEO, Kim Seok-Hwan, addressed the delayed announcement of the recent security violation and announced the complete recovery of services on March 21, as initially reported by Business Korea.

The incident in question took place on February 28 and involved a safety violation of the crypto “Play Bridge Vault” of the Wemix Foundation, which transfers Wemix to other blockchains.

About 8.6 million Wemix tokens were removed, worth $ 6.04 million (8.75 billion won). Following the hackThe assigned server was closed immediately, and the company reported it to the cyber-investigation team of the National Police of Seoul.

Although the incident was noted on February 28, the Wemix Foundation did not report it until March 4, arousing the public counterposter. During the press conference today, the CEO of the Wemix Foundation, Kim Seok-Hwan, addressed the late announcement, explaining that it had been delayed due to concerns about additional attacks and to avoid the sale of panic.

This is not the first time that the Wemix Foundation has been criticized for information disclosure problems. In October 2022, the joint advisory body of the exchange of digital assets warned investors to be cautious with Wemix due Problems with the disclosure of Wemix’s circulation volume.

That said, the delay in the ad seems to be justified, because the CEO explained that without identifying the infiltration method, the platform has risked other attacks.

In addition to fighting the delayed announcement, Seok-Hwan said the Wemix Foundation was investigating the cause of infiltration and relocating all the blockchain infrastructure. The full resumption of the service is scheduled for March 21.

In addition to these efforts, the Wemix Foundation has introduced a series of buyout initiatives to stabilize the market. On March 13, they announced a 10 billion won acquisition, followed by an additional acquisition of 20 million WEMIX.

Meanwhile, the Wemix token went from the closing of $ 0.45 on March 4 (when the company disclosed the hack) at $ 0.57 at the time of the editorial staff, according to Co Ringecko. However, it remains down 3% on the daily delay.