The value of WEMIX, the cryptocurrency tied to South Korean gaming company Wemade, plummeted by more than 60% following an alarming announcement from the Digital Asset eXchange Alliance (DAXA), which declared that WEMIX would be delisted from all major domestic exchanges by June 2.
한국의 주요 5개 거래소가 6월 2일부터 WEMIX 거래를 중단할 예정이며, 이로 인해 토큰은 60% 이상 급락하여 $0.2757에 이르렀다가 약 $0.36으로 반등했습니다. 이는 WEMIX의 두 번째 집단 상장 폐지입니다. DAXA 거래소 동맹은 상장 기준 미달을 이유로 들었습니다. 一 링크 한국의 주요 5개…
— WuBlockchain News Korean (@WuBlockchainKR) May 2, 2025
This marks the second instance of WEMIX facing delisting in South Korea’s stringent cryptocurrency regulatory environment.
The announcement follows a serious cyberattack in February, during which over 8.65 million WEMIX tokens—valued at approximately 9 billion won (about $6.2 million)—were unlawfully withdrawn from Wemade’s Play Bridge Vault, a vital part of its Web3 framework.
DAXA claimed the explanations surrounding the breach were insufficient, and the WEMIX Foundation did not meet necessary transparency, disclosure, and user compensation standards.
Comprising five major Korean cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—DAXA stated that all trading activities for WEMIX will cease at 3:00 PM KST on June 2, with withdrawal options continuing until July 2.
This decision is significant, as South Korea accounts for WEMIX’s largest market in terms of liquidity and trading activity.
Following the announcement, WEMIX’s price experienced a sharp decline, crashing from 1,200 won ($0.85) to just over 400 won in a matter of hours. Shares of Wemade also felt the brunt of the news, dropping 17.45% to close at 23,650 won.
Delisting Decision Deepens Regulatory and Security Woes, Affects WEMIX Price
DAXA’s decision to delist WEMIX is grounded in its assertion that Wemade has consistently failed to meet the required regulatory standards for maintaining trading support.
“Despite the foundation’s explanatory data, the cause of the security breach and investor compensation plans remain unclear,” DAXA remarked.
Following the February security breach, the alliance conducted several assessments in March and April, during which WEMIX was put on a warning list. Ultimately, regulators concluded that the risks posed to investors and the incident itself were not adequately addressed.
In response to the crisis, Wemade proposed a buyback program aimed at absorbing circulating WEMIX tokens and burning them in an effort to rebuild market confidence.
WEMIX Buyback Execution
To swiftly recover from the impact of the WEMIX PLAY Bridge incident and restore the stability of the service and ecosystem, the #buyback execution begins today.
The buyback method and the exchanges where the buyback was conducted will be disclosed… pic.twitter.com/KU6XCWYz8U
— WEMIX (@WemixNetwork) March 14, 2025
Despite this announcement, DAXA expressed skepticism regarding the proposal’s effectiveness and sincerity.
The February breach, which targeted the Play Bridge Vault used for cross-chain token transfers, underscored weaknesses in Wemade’s infrastructure.
Although the company disclosed information promptly, DAXA criticized the lack of timely and transparent communication surrounding the incident.
Such security issues are especially concerning as WEMIX is integral to various blockchain-based games and DeFi applications within Wemade’s ecosystem.
This is not the first time the firm has navigated such turbulent waters; WEMIX had previously faced a delisting in 2022, only to be reinstated the following year due to similar concerns over token supply disclosures.
A Strategic Setback With Global Implications
The implications of this delisting are profound. With Korean exchanges accounting for the majority of WEMIX’s trading volume, losing access to its home market could critically impact liquidity and investor engagement.
While WEMIX can still be traded on various overseas platforms, such as Bitget and Bybit, trading volumes on these exchanges pale in comparison to South Korea’s concentrated cryptocurrency landscape.
Additionally, current regulatory guidelines prohibit a re-listing on domestic exchanges for at least one year.
In light of these challenges, Wemade has pledged to continue expanding its blockchain initiatives on a global scale, hinting at potential exchange listings beyond Korea to mitigate the fallout from the delisting.
Statement for the WEMIX Community
In response to DAXA’s recent decision to end support for #WEMIX transactions,
we sincerely apologize to our community.
We remain firmly committed to the integrity, growth, and global future of WEMIX.
Official announcement here :… pic.twitter.com/K28EWf94jU
— WEMIX (@WemixNetwork) May 2, 2025
Nevertheless, without robust support in Korea and still recovering from reputational harm, the road ahead may prove challenging for Wemade.
With the critical token removed from its strongest market, the company must navigate both technical hurdles and a fundamental crisis of trust among investors and users alike.
The trajectory of Wemade’s blockchain ambitions may now depend on its ability to restore faith following its second significant delisting.
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