Wemix Foundation CEO Kim Seok-hwan stated there was no intention to conceal a security breach that resulted in the loss of over $6 million. The hack occurred on February 28 when over 8.6 million WEMIX tokens were withdrawn from their Play Bridge Vault. The company announced the breach four days later, prompting questions regarding the delay. According to Kim, the announcement was postponed to prevent market panic and further attacks as they assessed the situation. The attacker utilized stolen authentication keys to orchestrate the withdrawals over two months. After realizing the hack, Wemix shut down their servers and informed the authorities, with an investigation initiated. Despite their efforts to manage market reaction, the WEMIX token plummeted nearly 40% following the incident, falling from $0.70 to a low of $0.42 by March 4. The token currently trades at $0.58, reflecting a considerable loss from its pre-hack value. Kim took responsibility for the delay in disclosure and apologized to investors, emphasizing the need to avoid unnecessary panic during the uncertain period.

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