Seoul: Wemix, a cryptocurrency issued by Korean game publisher Wemade Co., is set to be delisted from major domestic crypto exchanges next month following a significant hacking incident, exchange operators announced on Friday.
According to Yonhap News Agency, the Digital Asset eXchange Association (DAXA), an alliance comprising five major crypto exchanges - Upbit, Bithumb, Coinone, Korbit, and Gopax - revealed that these platforms will terminate transaction support for Wemix, effective June 2. DAXA stated that the decision is based on a comprehensive review of the issuer's reliability and security standards, determining that Wemix does not meet the necessary criteria.
Wemix, which was launched in 2020, functions as the gaming platform token for Wemade. The impending delisting follows a cyberattack on the company's server on February 28, which resulted in the illicit withdrawal of more than 8.65 million Wemix coins, valued at 9 billion won (approximately US$6.38 million) at the time.
Following the delisting announcement, the price of Wemix coins sharply declined from 1,200 won (US$0.85) to 401 won on Friday. This development marks the second instance of Wemix being removed from local exchanges, having been previously delisted in 2022 and reinstated the following year.
In response to the domestic setback, Wemade has expressed its intentions to pursue listings on global cryptocurrency platforms.