WEMIX Price Plummets

The decline began earlier in the day, with Wemix falling from $0.7225 to $0.2757 within just 15 minutes. At the time of writing, the token had slightly recovered to around $0.36, still marking a 50% drop compared to the previous day.

The sharp fall was triggered by a joint delisting announcement from South Korea’s five leading crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. These platforms are the only exchanges in the country that allow fiat-to-crypto trading, effectively representing the entire domestic crypto market. As such, decisions made under the Digital Asset eXchange Alliance (DAXA) directly impact South Korea’s crypto ecosystem.

According to the official notice, Wemix trading will be halted on June 2, and withdrawals will end on July 2.

Trust Shaken After February Hack

In February, Wemix suffered a major setback when $6.2 million worth of tokens were stolen from Play Bridge, a cross-chain protocol. However, the Wemix Foundation waited four days to publicly disclose the breach, citing a need to “prevent market panic.” During this delay, the token’s price dropped 40% to $0.42.

In its latest statement, DAXA said that the Wemix Foundation had failed to sufficiently address the issues that initially led to its designation as an investment warning. Notably, Wemix was previously delisted in December 2022 when the number of circulating tokens exceeded the disclosed amount. This recent decision marks the second delisting of Wemix by Korean exchanges.

Statement and Buyback Plan from the Wemix Team

Following the delisting news, the Wemix team issued a statement to its community, expressing regret over the removal from local exchanges. The message included the following:

“The Wemix Foundation and Wemade remain steadfast in their belief in the growth of our ecosystem, regardless of domestic exchanges’ decision to end trading support. We will mobilize all available resources and capabilities to overcome this challenge swiftly and get the project back on track.”

The project also confirmed that it would continue its previously announced buyback program worth 10 billion Korean won (approximately $7.1 million), introduced in March to help stabilize the token’s value.

Meanwhile, Wemade’s stock fell 17.45% on Friday, closing at 23,650 won ($16.77). The company’s year-to-date decline now stands at 32.1%.

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What Are the Binance Alpha Token Review Criteria?

All tokens listed on Binance Alpha will be evaluated based on the following criteria:

• On-Chain Data: Metrics such as transaction volume stability, liquidity depth, on-chain transaction frequency, and token holder distribution.
• Trust Factors: Elements including the credibility of the project team, regulatory compliance, ecosystem alignment, and community popularity.

Tokens that fail to meet these criteria will be removed from Binance Alpha.

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Which Tokens Will Be Delisted?

Following the latest reviews, the following tokens have been found to no longer meet Binance Wallet standards and will be delisted from Binance Alpha:

FAI, METAV, MLG, MONKY, PSTAKE, WHALES, GEL, VISTA, EVAN, MIRA, COCO, TAOCAT, FLOCK, OPUS, FREYA, AIXCB, VERTAI, STRDY, SEKOIA, VADER, ELIZA

Binance continues to promote transparency and innovation. For updates, follow Binance Wallet‘s official X account.

Tokens listed on Binance Alpha may carry higher-than-normal risks and are more susceptible to price fluctuations. Users are advised to implement risk management strategies and conduct thorough research before investing.

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