WEMIX Cryptocurrency to be Delisted Again from Domestic Exchanges

The cryptocurrency WEMIX, issued by Wemade, is set for another delisting from South Korean exchanges, raising concerns among investors.

The Digital Asset Exchange Association (DAXA) has announced that Bithumb will cease trading support for WEMIX, marked as a caution item, effective June 2. Withdrawals will be halted from July 2.

This decision impacts all exchanges currently listing WEMIX, including Bithumb, Coinone, Korbit, and Gopax, under the DAXA consortium.

Background of the Incident

WEMIX, a blockchain game-related cryptocurrency, suffered an abnormal withdrawal of approximately 8,654,860 coins due to a malicious attack on the Play Bridge Vault in February. The incident, valued at around 9 billion won, has led to scrutiny over Wemade's disclosure practices.

DAXA's Stance

DAXA criticized Wemade for inadequate disclosure of critical information and lack of clear explanations regarding the incident and compensation plans, leading to WEMIX's designation as a caution item.

Previous Delisting and Relisting

WEMIX faced a similar delisting in December 2022 over circulation disclosure issues but was relisted on several exchanges starting February the following year.

A Wemade representative expressed commitment to the WEMIX and blockchain business, hinting at efforts for global exchange listings.