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Wemix Stablecoin WEMIX$ Hacked on July 27, Lost Peg After Proxy Upgrade Left Admin Access Unprotected

Security Incidents Price Volatility Exchange Risk

2026-07-27 05:11:49

WEMIX-5.77%

According to Park Sang-hyuk, editor-in-chief of Digital Asset, the Wemix stablecoin WEMIX$ lost its dollar peg on July 27 after hackers gained unauthorized access to the smart contract owner account. Park stated on SamproTV that the hack occurred because the proxy contract upgrade was not followed by initialization of admin credentials, allowing attackers to access the owner role without authentication. Once in control, hackers minted and dumped additional WEMIX$ tokens on the market, causing the depeg.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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