WAX Bridge Exploit Drains $75,000 in Stablecoins

| blocktempo.com
Blockaid reported an attack on the WAX cross-chain bridge, in which five transactions released assets on Solana and Ethereum without the corresponding tokens being paid on WAX. Reported losses include about 52,986 USDC, 21,558 USDT, 840 DAI, 2.55 WETH and 0.11 WBTC; stablecoin losses total roughly $75,000. Blockaid attributed the flaw to a failed withdrawal check on WAX, which supplied incorrect records used by the other chains to release assets. The company said the relevant code had not been changed and the exploit remained possible when it issued its warning. WAX had not publicly confirmed the incident or announced a bridge pause by publication time, and the loss figures had not been independently verified. Traders and users should monitor project updates and consider avoiding the WAX bridge until the issue is addressed.
Bearish
The reported exploit is negative for WAX’s reputation and could weaken confidence in its ecosystem and bridge services, creating short-term selling pressure on WAX-related assets. Traders may reduce exposure while awaiting confirmation, a bridge pause, and evidence that the vulnerability has been fixed. The reported losses are relatively limited in the broader crypto market, and the incident does not by itself establish direct losses to WAX’s native token or a wider systemic risk. Longer-term price effects will depend on the project’s response, the verified scale of losses, and whether security fixes and user protections restore confidence.