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Wemix token, developed by South Korean Web3 game studio Wemade, lost more than 60% of its value on Friday following a collective delisting decision by major local crypto exchanges.
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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