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Wemade to Fully Compensate WEMIX$ Hack Victims and Buy Back 500,000 WEMIX

Technology Services · Internet Software/Services · yonhap_finance · 2026-08-26

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Wemade announced a full compensation plan worth approximately 1.6 billion KRW for victims of last month's WEMIX$ hack and a buyback of 500,000 WEMIX tokens.

What Happened

Full Compensation: Wemade has committed to fully compensating users affected by the WEMIX$ stablecoin hack, totaling approximately 1.14 million USD (1.6 billion KRW). The compensation covers around 170,000 addresses, including holders and liquidity pool participants.

Compensation Mechanism: Victims will receive 'eqWEMIX

#39; tokens, which can be exchanged 1:1 for USDC.e once the relevant services resume. The company finalized the compensation scope after a thorough investigation of the blockchain transaction history.

Market Stabilization: To mitigate potential market impact, Wemade plans to buy back 500,000 WEMIX tokens from the market. This amount is significantly higher than the estimated volume of tokens that could have been illicitly introduced to the market.

Root Cause: The hack was caused by a vulnerability in the smart contract's administrator access settings, which allowed unauthorized issuance of WEMIX$. Wemade will provide further details on the compensation schedule and procedures soon.

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