A layer-1 network called WEMIX reports an attacker gained ownership of a contract tied to its stablecoin and issued about 5.23 million WEMIX$ out of thin air, converting it to WEMIX and USDC.e before bridging it out. The company then suspended its own bridges and asked exchanges to freeze the wallets. A currency that can be issued at will by whoever holds the key, and stopped at will by whoever holds the bridge, has removed no trust at all. It has just centralized where the trust sits.