Wemix CEO: late announcement of $ 6.2 million was to prevent market panic,

• The Wemix Foundation suffered a hack of 6.2 million US dollars on February 28, but only alerted its investors on March 4
• The hacker managed to steal 8.65 million Wemix coins
• The CEO of Wemix Foundation does not believe that the hack is the result of Lazarus

Kim Seok-Hwan, CEO of the Wemix Foundation, said that there is “no attempt” to hide a hack of $ 6.2 million after an announcement.

In a press conference on Monday. Intent to hide the exploit.

On February 28, due to a malicious attack on the Play Bridge Vault of the platform, over 8.65 million Wemix coins were withdrawn. However, the South Korean platform only alerted its investors when an announcement was published on their homepage on March 4th.

At the press conference, Kim said: "The announcement was delayed due to concerns about the possibility of additional attacks and the possibility of a market panic due to stolen assets."

According to Kim, most assets had already been sold and the market effects had already taken place, and added that there was no guarantee of "additional risk".

demanding attack

Kim was at the press conference several times and confirmed full responsibility for the late announcement.

Kim explained what happened and said that an unexpected attacker stole the authentication key for service monitoring for its Nile platform for non-deficient tokens (NFT). According to Kim, the attacker planned the hack for two months, creating abnormal transactions and trying 15 payments.

of these failed two, but 13 were successful, which led to theft of 8.65 million Wemix.

After Kim had learned about Exploit, she said that you closed the server and started a detailed analysis. They also submitted a complaint against the attacker in the cyber investigation unit of the Seoul Metropolitan Police Agency.

Kim believes that the hack of Lazarus, the North Korean-supported hacking group, was unlikely.

last hack

In the past few weeks, several platforms have suffered security violations, which has led to the theft of different coins.

Bitbit was chopped in the past month after the responsible Ethereum, worth 1.4 billion US dollars, rejected a single wallet. It was later reported that Lazarus was behind the theft.

days later, Infini suffered a 50 million dollar. In this case, the attacker had retained the administrator rights after working on Infini's development contract so that they could receive access to the means.

In terms of Wemix Foundation, Kim said on March 13 that they will buy 10 billion Korean Wemix tokens worth 10 billion won (around 7 million US dollars). The following day, the Foundation announced plans to acquire another 20 million tokens.

During the press conference, Kim said that on Friday, March 21st, they will work for full resumption of services after introducing new security measures for their blockchain infrastructure.