WEMIX reports major theft, CEO cites announcement delays

WEMIX CEO Kim Seok-hwan held a press conference on March 17, 2025, to address a recent hacking incident involving the virtual asset WEMIX. The theft, which occurred in February, resulted in the loss of over 8.6 million units worth approximately 8.75 billion won. Kim explained that they delayed announcing the breach due to concerns about its impact on the market. Immediately after discovering the unapproved withdrawal, WEMIX formed an emergency task force, closed servers, and blocked network access. They reported the incident to police and are cooperating with an ongoing investigation. It is believed that the breach was linked to a leak from a former employee who uploaded sensitive materials to a shared storage in July 2023. During the press conference, Kim emphasized that there was no intention to hide the incident. The delay in notification was partly due to fears that news of the hack would cause panic selling among investors, especially since the incident coincided with a holiday in Korea. Looking ahead, WEMIX plans to overhaul its security systems and implement long-term improvements. The company aims to resume services by March 21. Kim acknowledged the market chaos caused by the stolen assets and expressed regret for the delay in the announcement, promising better communication in the future.