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The CEO of the Wemix Foundation, Kim Seok-Hwan, said they had no intention of hiding a trick on its bridge, which led to more than $ 6 million in losses.
At a press conference, according to Kim reports saying There was no attempt to cover up the incident, although the audience said the announcement was delayed.
On February 28, more than 8.6 million Wemix tokens were removed due to an attack on the Bridge Vault platform, which transfers Wemix to other blockchain networks. The company only made an official announcement four days after the attack.
According to Kim, the announcement was delayed due to the possibility of additional attacks and to avoid causing panic in the market due to stolen assets.
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Wemix CEO describes premature adris risks
Wemix said the hacker broke into its system by stealing the authentication key for the company's Nile Services monitoring system, its non -fungible token (nft) platform.
After theft, the hacker spent two months preparing before creating random abnormal transactions. The computer pirates tried to retire 15 times, but they only succeeded with 13 retreats, eliminating 8.6 million Wemix tokens and selling them in exchanges outside of South Korea.
Kim explained that when they realized the trick, they immediately closed their servers and began their analysis.
The executive added that they filed a complaint against the unidentified hacker before the cyber investigation team of the National Police Agency. The Wemix CEO said the authorities had already begun to investigate the matter.
Kim said there was a risk in making a premature ad. The CEO said that in a situation in which the penetration method was not identified, they could be exposed to more attacks.
Kim also reiterated that the market had already seen some impact on the assets sold, and would risk the sale of panic if they announced it immediately.
During the press release, the executive apologized to Wemix investors, saying that the delay of the dissemination was his call and that he should be responsible if something goes wrong.
Wemix Token falls 39% in the middle of Hack's announcement
Despite the attempt to avoid causing panic in the market, Token Wemix fell by almost 40% from the day of the exploit until March 4, when the company finally announced the hack.
The price went from $ 0.70 on February 27 to a minimum of $ 0.52 on February 28. The price dropped to $ 0.42 on March 4. At the time of writing, the crypto Asset trades at $ 0.58, which still has 17% below its price prior to the sequence.
Wemix Token pricing table. Source: Coingcko
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