Wemix Drops 60% After Delisting From South Korean Exchanges

Wemix, a cryptocurrency that is issued by Korean game publisher Wemade, will be delisted from the domestic crypto exchanges. The Digital Asset Exchange Association (DAXA) announced that the Bithumb exchange will end the trading support of Wemix tokens on June 2, and withdrawals will not be possible from 3 p.m. After this announcement, Wemix price dropped to 60%. Why?

Why are South Korean Exchanges Delisting Wemix?

Recently, the Wemix ecosystem had faced a large-scale hacking incident. Based on a comprehensive review regarding the reliability of issuer and security standards, DAXA has decided to terminate its trading support from five major platforms: Upbit, Bithumb, Coinone, Gopax, and Korbit. 

In the announcement, DAXA stated that, on June 2, trading support of Wemix will come to an end by 3 p.m. This is not the first time Wemix has been delisted from major exchanges. Previously, in December 2022, it was delisted and reinstated the following year. 

Wemix Price Dropped to $0.2727 Within 15 Minutes

Within a few minutes of the announcement being widespread, on Friday around 3 p.m. Wemix price declined from $0.7225 to the low of $0.2757 comparatively, which is 60% lower from the previous day. 

How Wemix Wemade Respond to the Delisting?

Following the Delisting announcement from DAXA, Wemade’s Wemix team has released an apology statement to the community members for the removal of the token from the local exchanges.

The team stated, “The team will come up with all available resources swiftly to overcome this and return to a normal trajectory.” Also, Wemade stated that Wemix will be pursuing its listing in global crypto exchanges in the coming days. 

Summing up

Though Wemix is delisted from domestic exchanges, its future listing will be pursued on global exchanges. This signals that Wemix will soon regain confidence among its traders. Hope Wemade’s reputable team will offer their valuable traders a secure Wemix trading opportunity. Stay tuned for further updates on Wemix.

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