Wemix Reveals Plan to Fix Recent PLAY Bridge Exploit

WEMIX Network has revealed plans to fix the recent exploit on its PLAY Bridge service, which occurred due to an unauthorized withdrawal of WEMIX tokens.

After the plan was announced on X (formerly Twitter), the WEMIX token price went up almost 20% in a day. This shows users trust the network will solve the problem.

WEMIX Team’s Actions Following the Recent PLAY Bridge Exploit

We are taking swift action to recover the withdrawn #WEMIX coins and enhance security.

✅ PLAY Bridge service will resume after thorough stability checks
✅ Withdrawn WEMIX coins will be restored using the… pic.twitter.com/NvQxMwcnut

— WEMIX (@WemixNetwork) March 6, 2025

WEMIX Exploit Details

On February 28th, 2025, the network experienced a significant security breach resulting in the unauthorized withdrawal of approximately 8,654,860 WEMIX tokens. This incident, stemming from a malicious external attack targeting the Play Bridge Vault, prompted an immediate and comprehensive response from our team.

According to the network, a subsequent investigation traced these transactions to the Play Bridge Vault, confirming the unauthorized withdrawal of 8,654,860 WEMIX tokens. The funds were transferred in thirteen transactions to two attacker wallets.

In response to the attack, the network quickly took action after the attack by stopping the Play Bridge service and shutting down affected computers. They also asked 26 big companies that sell WEMIX to freeze the attackers’ money. They started watching transactions around the clock to track the stolen money and shared information with other companies. Finally, they blocked transfers from the WEMIX network to other networks.

WEMIX Network Fixing Plans

The WEMIX network announced its efforts to recover the stolen tokens. They’ve temporarily closed the PLAY Bridge service, planning to resume it after completing comprehensive stability checks. The team noted that this move was to protect the whole network.

To help people who lost funds, the WEMIX Foundation will use its coins to give everyone their tokens back. Additionally, the team revealed plans to buy back coins that benefit long-term holders rather than frequent traders.

To pacify its community, the firm offered a statement stating:

“We sincerely apologize for the concern this incident has caused to the community. The WEMIX Team takes responsibility for this matter and remains committed to restoring trust by providing a more secure and stable service.”

WEMIX Price Trajectory Today

CoinGecko data shows a big jump in WEMIX cryptocurrency activity. The price rose almost 20.1% in the last 24 hours, hitting $0.5556. Trading volume also jumped 51%, reaching over $25 million, showing renewed interest.

This short-term gain hides a bigger picture. WEMIX’s price has swung wildly, reaching a high of $24.71 and a low of $0.1284. At $0.5556, it’s 97.76% below its high and 331.85% above its low, showing how volatile it is.

The token’s market value is now $233 million, ranking it 250th on CoinGecko. This is based on the current price and 420 million WEMIX tokens. Its potential maximum value, if all 590 million tokens were in circulation, is $300 million. However, to reach this would take time.

Despite the recent price rise, the price fell 21.10% over seven days. This is worse than the overall crypto market, which rose 6.80%, and other similar cryptocurrencies.

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