WEMIX and Garden Hacks Add to Record 2026 Crypto Breaches

BeInCrypto2026/07/27 11:39

By:BeInCrypto

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Two crypto platforms disclosed security incidents over the weekend. WEMIX said ownership of a WEMIX$-related contract was compromised, while Garden Finance took its app offline after identifying unusual activity. Both incidents are small by dollar value. Yet they match the pattern that has shaped crypto security this year, with attack counts climbing to records while individual losses shrink. What Happened at WEMIX and Garden WEMIX reported abnormal transactions on the evening of July 26. Approximately 5,225,525 WEMIX$ were issued without authorization. That supply converted into 30,736 WEMIX and 724,198.27 USDC.e. The assets moved through bridges to Ethereum and BSC, then into assets including Ether (ETH) and Tether (USDT). Some of those assets reached centralized exchanges. WEMIX said it has asked exchanges and stablecoin issuers to freeze the attackers wallets. All bridges connected to and from WEMIX3.0 have been suspended temporarily. Chainlink CCIP has been suspended, and the PLAY Bridge has also been temporarily suspended, the platform said. The company said the cause remains under investigation, and the numbers may change. Separately, Blockaid flagged an exploit on Garden Finance. The firm counted about $450,000 in USDT drained across Ethereum, Base, Arbitrum (ARB), and BSC at the time of its . we identified unusual activity on garden today and are looking into it.the app is temporarily offline while we complete a full investigation.we'll share updates as soon as we have more information. Record Crypto Hacks Define 2026 TRM Labs recorded 207 hacks in the first half of 2026. That is more than double the 83 logged a year earlier. The firm said the figure was the highest it had recorded in any six-month period. However, total hack losses moved in the opposite direction. Roughly $972 million was stolen, against about $2.3 billion in H1 2025. The data points to a split between frequency and severity. More attacks landed, yet the largest sums concentrated on a handful of high-value targets, including KelpDAO and Drift Protocol. Last week reinforced the pattern. Lookonchain counted three attacks last week totaling $35.55 million, hitting AFX Trade, the Verus Ethereum bridge, and B2 Network.

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1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.

Bitget•2026/10/19 06:51