Wemix Delisting: A Major Blow to Korean Trading
The South Korean gaming company Wemade is facing a new challenge after a court in Seoul rejected its appeal to stop the delisting of its cryptocurrency, Wemix, from major domestic exchanges. This decision has significant implications for the company and its users, as it will lead to the complete removal of the token from local stock exchanges by June 2.
The delisting process began months ago, after the Digital Asset eXchange Alliance (DAXA), a consortium of five large Korean stock exchanges, announced that Wemix would be removed due to a security breach in February. The hack resulted in the theft of over 8.65 million Wemix tokens, valued at around 9 billion WON (6.2 million USD), from Wemade’s Play Bridge Vault, a critical component of its Web3 infrastructure.
Wemix Apologizes to Users and Commits to Security Upgrades
Following the court’s decision, the Wemix team expressed regret but vowed to move forward. In a public statement, the team acknowledged the damage caused by the Play Bridge Vault hack and the resulting fallout, apologizing to users and their communities. They also promised to improve security and maintain the operation of their blockchain gaming ecosystem.
“The WEMIX team is very sorry for the result of this application in the injunction, but we respect the court’s decision,” the statement read. “We have carried out measures to strengthen security and prevent recurrence. We have actively responded to CV services and stabilized the ecosystem.”
Delisting Deals Major Blow to Korean Trading, Re-Listing Blocked for One Year
The delisting of Wemix is a significant challenge for Wemade, as it will lead to the loss of access to local liquidity and investors. The Korean stock exchanges have historically accounted for the majority of Wemix trade volume, making this a major blow to the company. Furthermore, current regulations prohibit Wemix from being re-listed on Korean exchanges for at least one year.
Despite this setback, the Wemix team remains committed to maintaining and expanding the Wemix ecosystem. “No external factors can undermine the will of the Wemix team to maintain and expand the Wemix ecosystem,” the company stated. “We will stop the planned business without a trailer and offer a real value based on games and services based on Wemix.”
For more information on this developing story, please visit https://cryptonews.com/news/wemix-vows-resilience-after-court-upholds-token-delisting-whats-next-for-the-gaming-crypto-giant/
