WEMIX Price Plunges 60% After Major Korean Exchanges Announce Second Delisting
By: crypto news|2025/05/02 13:15:01
0
Share
WEMIX, the native cryptocurrency of South Korean gaming firm Wemade, saw its price plunge over 60% following a devastating announcement from the Digital Asset eXchange Alliance (DAXA) that it will be delisted from all major domestic exchanges by June 2.한국의 주요 5개 거래소가 6월 2일부터 WEMIX 거래를 중단할 예정이며, 이로 인해 토큰은 60% 이상 급락하여 $0.2757에 이르렀다가 약 $0.36으로 반등했습니다. 이는 WEMIX의 두 번째 집단 상장 폐지입니다. DAXA 거래소 동맹은 상장 기준 미달을 이유로 들었습니다. 一 링크 한국의 주요 5개...— WuBlockchain News Korean (@WuBlockchainKR) May 2, 2025The decision marks the second time WEMIX has faced delisting within South Korea’s notoriously cautious crypto environment.The delisting follows a February cyberattack in which more than 8.65 million WEMIX coins, valued at around 9 billion won (approximately $6.2 million), were illicitly withdrawn from Wemade’s Play Bridge Vault, a critical component of its Web3 infrastructure. DAXA deemed the breach inadequately explained, and the WEMIX Foundation failed to satisfy key transparency, disclosure, and user compensation compliance standards.DAXA, which comprises five major Korean crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax, announced that all trading support for WEMIX will cease at 3:00 PM KST on June 2. Withdrawal functionality will remain available until July 2. The move was particularly consequential because Korea remains WEMIX’s most significant liquidity and trading volume market.Source: CryptonewsWEMIX’s price collapsed nearly 60% on the news, falling from 1,200 won ($0.85) to just over 400 won within hours. Shares of Wemade were similarly affected, tumbling 17.45% in a single day to close at 23,650 won.Delisting Decision Deepens Regulatory and Security Woes, Affects WEMIX PriceDAXA’s rationale for the delisting was firmly rooted in its description of Wemade’s ongoing failure to meet the standards necessary for maintaining trading support. “Despite the foundation’s explanatory data, the cause of the security breach and investor compensation plans remain unclear,” DAXA stated. The alliance conducted multiple reviews in March and April following the February hack, during which WEMIX had already been placed on a warning list. Ultimately, however, the regulators determined that neither the incident nor the risks to investors had been sufficiently addressed.Wemade’s response was to propose a token buyback initiative to absorb circulating WEMIX and burn (incinerate) the tokens to restore market trust. WEMIX Buyback ExecutionTo swiftly recover from the impact of the WEMIX PLAY Bridge incident and restore the stability of the service and ecosystem, the #buyback execution begins today.The buyback method and the exchanges where the buyback was conducted will be disclosed... pic.twitter.com/KU6XCWYz8U— WEMIX (@WemixNetwork) March 14, 2025While this plan was made public, DAXA was unconvinced of its effectiveness or sincerity. The February hack, which affected the Play Bridge Vault used for cross-chain token transfers, highlighted vulnerabilities in Wemade’s infrastructure.Despite immediate disclosures by the company, DAXA flagged a lack of timely and transparent communication. The security lapse was particularly troubling because WEMIX underpins multiple blockchain-based games and DeFi applications within Wemade’s ecosystem.This is not the first time the company has had to weather such storms. In 2022, WEMIX was initially delisted from Korean exchanges, only to be reinstated the following year. That prior delisting was also due to concerns over token supply disclosures.A Strategic Setback With Global ImplicationsThe delisting’s domestic impact cannot be overstated. With Korean exchanges responsible for most of WEMIX’s trading volume, losing liquidity and investor access in its home market is critical. Even though WEMIX remains tradable on certain overseas platforms like Bitget and Bybit, trading volumes on those exchanges are minuscule compared to South Korea’s concentrated crypto ecosystem. Moreover, re-listing on domestic exchanges is now barred for at least a year under current regulatory guidelines.Wemade has vowed to continue expanding its blockchain initiatives globally, hinting at new exchange listings outside of Korea to mitigate the impact of the delisting.Statement for the WEMIX CommunityIn response to DAXA’s recent decision to end support for #WEMIX transactions,we sincerely apologize to our community.We remain firmly committed to the integrity, growth, and global future of WEMIX. Official announcement here :... pic.twitter.com/K28EWf94jU— WEMIX (@WemixNetwork) May 2, 2025However, without robust domestic support and still recovering from reputational damage, those efforts face uphill challenges.With its ecosystem’s key token removed from its strongest market, the company will have to navigate technical or regulatory challenges and a fundamental crisis of trust among investors and users alike.The future of Wemade’s blockchain ambitions may now hinge on how it restores faith after its second major delisting.The post WEMIX Price Plunges 60% After Major Korean Exchanges Announce Second Delisting appeared first on Cryptonews.
You may also like
340 billion valuation: Li Yanhong's largest IPO, a seat in Kunlunxin's shares is hard to come by
As a core asset in Baidu's AI landscape, Kunlun Chip is expected to exceed Baidu's market value after going public, becoming an important bargaining chip in its turnaround battle.
Stablecoins are the "royalists" of the crypto world: Open USD brings the old currency system into play
The emergence of Open USD has shifted the competition for stablecoins from the market struggle of crypto startups to a battle for infrastructure involving traditional finance, payment networks, technology platforms, and public chain ecosystems.
Semiconductor stocks plummet, yet Anthropic wants to create a 2nm chip
Abandoning TSMC and teaming up with Samsung. Anthropic launches a self-developed 2nm chip program, challenging Nvidia and starting a battle to break through computing power costs.
Where is Zhao Changpeng's billion-dollar investment going? YZi Labs' investment landscape fully revealed
Zhao Changpeng's billion-dollar new "family office" YZi Labs investment landscape revealed: 70% of the funds are committed to the crypto ecosystem, while 30% are cross-industry bets on AI and biotechnology, launching a new capital experiment in the post-Binance era.
Ethereum Foundation Report: A Basic Guide to Ethereum for Governments and Financial Institutions
The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...
A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI
True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.
When American giants collectively "defect" from Chinese AI models
Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.
BIS Report Compliance Observation: The Real Risks of Stablecoins, Not Just "Depegging"
The issue with stablecoins is not just whether their price will decouple, but whether they can be integrated into a recognizable, monitorable, accountable, and regulated financial system.
Portugal 2-1 Croatia: Ronaldo's 20-Year Knockout-Stage Drought Ends With a Debt Finally Collected
Portugal beat Croatia 2-1 in the 2026 global football championship's knockout rounds as Ronaldo scored his first-ever knockout-stage goal, Gonçalo Ramos struck a stoppage-time winner, and VAR ruled out a late equalizer for offside.
Bitcoin Price Prediction July 2026: Will BTC Recover to $70K or Drop Below $55K?
Bitcoin price prediction for July 2026: Can BTC recover to $70,000 or fall below $55,000? Explore ETF flows, key support levels, Fed outlook, and our Bitcoin forecast.
A South Korean company that learned the strategy of hoarding coins, from a bull market to delisting?
When the overall momentum of the Korean stock market is strong, this batch of cryptocurrency concept stocks, branded as the "Korean version of Strategy," finds itself at a crossroads of life and death.
WEEX API Broker Program: Turn Your Trading Platform Into a Revenue Engine
Become a WEEX API Broker and earn up to 70% trading fee sharing. Get institutional-grade liquidity, OAuth Fast Connect, and a 4-5 day integration for your AI trading platform, bot, or signal community.
How to choose between buying discounted ETH, Bitmine, and SharpLink?
The answer may not lie in whose story is told better, but in specific dimensions such as cost of holding, financing ability, liquidity, and whether the narrative can be realized.
Wosh: Inflation has cooled in recent weeks, AI is reshaping the economy, and forward guidance has lost its necessity
Federal Reserve Chairman Waller clearly stated at the ECB forum that the Fed will abandon forward guidance on interest rates, with future decisions relying entirely on real-time economic data. He noted that inflation risks in the U.S. have decreased over the past four weeks, but the ultimate impact ...
From Pump.fun to Collector Crypt: Has Solana's income throne changed hands?
The revenue from consumer applications on Solana is no longer solely reliant on meme coin issuance, but is gradually spreading to more consumption scenarios.
Dan Bin's latest speech: Don't miss out on a great era
Don't let hesitation trap your steps, and don't let shortsightedness waste the passing years—make sure not to miss this magnificent era that belongs to us.
Robinhood launches its own blockchain, no longer wanting to be a tenant on others' chains
While laying off employees and issuing bonds, it is the predictive market business that temporarily supports the income.
Why Tokenized Stocks Are Booming in 2026 While Crypto Is Still Struggling
Why are tokenized stocks booming while the crypto market struggles? Explore the latest 2026 data, institutional adoption, and what it means for traders.
340 billion valuation: Li Yanhong's largest IPO, a seat in Kunlunxin's shares is hard to come by
As a core asset in Baidu's AI landscape, Kunlun Chip is expected to exceed Baidu's market value after going public, becoming an important bargaining chip in its turnaround battle.
Stablecoins are the "royalists" of the crypto world: Open USD brings the old currency system into play
The emergence of Open USD has shifted the competition for stablecoins from the market struggle of crypto startups to a battle for infrastructure involving traditional finance, payment networks, technology platforms, and public chain ecosystems.
Semiconductor stocks plummet, yet Anthropic wants to create a 2nm chip
Abandoning TSMC and teaming up with Samsung. Anthropic launches a self-developed 2nm chip program, challenging Nvidia and starting a battle to break through computing power costs.
Where is Zhao Changpeng's billion-dollar investment going? YZi Labs' investment landscape fully revealed
Zhao Changpeng's billion-dollar new "family office" YZi Labs investment landscape revealed: 70% of the funds are committed to the crypto ecosystem, while 30% are cross-industry bets on AI and biotechnology, launching a new capital experiment in the post-Binance era.
Ethereum Foundation Report: A Basic Guide to Ethereum for Governments and Financial Institutions
The Ethereum Foundation has released this non-technical introductory report aimed at government officials, central banks, regulators, and corporate decision-makers, explaining how Ethereum works, how it is governed, how it differs from other blockchains, and how institutions and governments are alre...
A pre-announced harvesting case: After the cryptocurrency price dropped by 99%, the public chain Saga exited to transform into AI
True failure often isn't a single price drop, but rather a pricing mechanism that repeatedly rewards those who tell stories while repeatedly punishing those who believe in the stories.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
