WEMIX

WEMIX Foundation has discovered that a significant portion of the assets held by Orbit Bridge on Ethereum has been exploited. The WEMIX team is actively investigating the extent of the exploit and diligently working towards a solution.1. WEMIX remains secure.• The Orbit Bridge that connects WEMIX3.0 and Klaytn, facilitating the bridging of WEMIX and oWEMIX, remains unaffected. Consequently, once the bridge is operational again, oWEMIX can be successfully bridged to WEMIX.• We plan to further modify the dominance token within the Klaytn ecosystem, which plays a significant role in the WEMIX ecosystem, to enable the community to retain WEMIX in its native form.2. WEMIX$ is also secure.• WEMIX$ relies on USDC as its reserve, and as a result, concerns about the stability of the reserves may arise if the bridge does not function properly. Similar to our response to incidents related to the bridge in the past, WEMIX$ guarantees 100% redeemability regardless of the stability of the reserves. Measures including rebalancing of the collateral ratios within the reserve have been taken, and as a result, WEMIX$ is currently operating within normal parameters and with stability.• To secure the USDC reserve, we are committed to implementing a non-custodial bridge using the CCTP(Cross-Chain Transfer Protocol) developed by Circle, the issuer of USDC. This proactive measure aims to prevent bridge exploits and minimize the vulnerability of the WEMIX ecosystem to similar incidents in the future.• Given the absence of an operational bridge between WEMIX3.0 and Ethereum supporting USDC, and to address the issue of an absent pipeline for the ecosystem’s expansion and contraction, we are temporarily incorporating WCD as a new reserve for WEMIX$ through the facilitation of DIOS-III and MLP-III. Further details regarding this will be provided in a subsequent announcement.3. Accelerating the una bridge launch• In September of 2023, the WEMIX Foundation introduced the unagi initiative to emphasize the importance of securely retaining assets within its native chain. As part of this initiative, a non-custodial bridge utilizing cross-chain messaging protocols was proposed.• The unagi(x), featuring Chainlink’s CCIP, Web2X by CP Labs, and PPP by Wemade, has been in development with the initial launch set for February 2024. However, we are dedicated to expediting the launch of una bridge by mid-January in order to proactively address and prevent concerns related to bridges.• Also, along with una bridge, we will be releasing una station that helps users to natively retain WEMIX on other chains.WEMIX stands as the cornerstone asset, embodying the growth value of WEMIX3.0. The foremost priority is to ensure stable growth of both the ecosystem and the economy, with the overarching goal of safeguarding the stability of assets as we chart the path forward. The WEMIX team is committed to forging WEMIX into an expansive mega-ecosystem resilient to external factors.Thank you The WEMIX teamOfficial WEMIX site announcement : <a href="https://www.wemix.com/communication/foundation%E2%80%99s-measures-on-orbit-bridge-exploit-7c62e981f84c" rel="noopener noreferrer nofollow">https://www.wemix.com/communication/foundation%E2%80%99s-measures-on-orbit-bridge-exploit-7c62e981f84c</a>[WEMIX Community] • WEMIX Official Webpage : <a href="https://www.wemix.com/communication" rel="noopener noreferrer nofollow">wemix.com</a> • Medium : <a href="https://medium.com/wemix-communication" rel="noopener noreferrer nofollow">WEMIX Communication</a> | <a href="https://medium.com/wemix-play" rel="noopener noreferrer nofollow">WEMIX PLAY</a> | <a href="https://medium.com/nile-official" rel="noopener noreferrer nofollow">NILE</a> • WEMIX Channels : <a href="https://twitter.com/WemixNetwork" rel="noopener noreferrer nofollow">X (formerly Twitter)</a> | <a href="https://www.facebook.com/WEMIXBlockchain" rel="noopener noreferrer nofollow">Facebook(WEMIX Platform)</a> | <a href="https://www.facebook.com/WEMIXGames" rel="noopener noreferrer nofollow">Facebook(WEMIX Games)</a> | <a href="https://t.me/WEMIX_ANNouncement" rel="noopener noreferrer nofollow">Telegram</a>

Foundation’s Measures on Orbit Bridge Exploit

WEMIX

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