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South Korea's five major exchanges have announced the delisting of the Wemix token once again, causing its price to plummet by over 60%.

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$WEMIX
The Block
911Words
May 1, 2025

Background: Wemade is a South Korean Web3 game developer. After the cryptocurrency $Wemix, issued by Wemade, was announced to be delisted again by South Korea's five major exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), its price plummeted by more than 60%. Main events: - Starting June 2, $Wemix will cease trading on the above exchanges, and withdrawals will stop from July 2. - In February this year, $Wemix's cross-chain protocol Play Bridge suffered a token theft incident worth 6.20 million USD. The $Wemix Foundation delayed informing users by four days, causing the token price to drop 40%. - The Digital Asset Exchange Association (DAXA) believes the $Wemix Foundation failed to adequately address the related issues and decided to no longer support trading of the token. - In December 2022, $Wemix was delisted for the first time due to the circulating token quantity exceeding disclosures, becoming the first domestic token in South Korea to be delisted twice. Impact and response: - The $Wemix team apologized to the community, reaffirmed firm confidence in ecosystem development, and will continue executing a token buyback plan worth approximately 7.10 million USD to restore market value. - Wemade's stock price fell 17.45% on the day and has declined 32.1% year-to-date. Keywords: $Wemix, Wemade, South Korea, cryptocurrency, delisting, DAXA, token buyback, market impact, SoSoValue

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