The Wemix token plummeted by nearly 40% between the day of the attack and the company’s breach announcement four days later.
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On Feb. 28, over 8.6 million WEMIX tokens were withdrawn due to an attack on the platform’s Play Bridge Vault, which transfers WEMIX to other blockchain networks.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.
