Outside Source
The Wemix token dropped by nearly 40% from the day of the attack to four days later when the company announced the breach.
News
Wemix Foundation CEO Kim Seok-hwan said they had no intention of concealing a hack on its bridge, which led to over $6 million in losses.
In a press conference, Kim reportedly said there was no attempt to cover up the incident, even though the audience pointed out the announcement was delayed.
On Feb. 28, over 8.6 million WEMIX tokens were withdrawn due to an attack on the platform’s Play Bridge Vault, which transfers WEMIX to other blockchain networks.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 further attacks and to avoid causing panic in the market because of the stolen assets.
This article first appeared at Cointelegraph.com News
