Wemix, a cryptocurrency issued by Korean game publisher Wemade Co., faces an uncertain future after major South Korean exchanges announced the token’s delisting from their platforms.
The decision comes after the Digital Asset eXchange Association (DAXA), an association of five major crypto exchanges in the country, including Upbit, Bithumb, Coinone, Korbit, and Gopax, discovered that Wemix had misreported its February hacking incident. The token’s delisting will be effective starting June 2.
The announcement affected the token, as Wemix’s value experienced a dramatic decline. Within a remarkably short span of 15 minutes on Friday, it fell sharply from $0.72 to a low of $0.27. According to data on CoinMarketCap, the token is selling for $0.49 at the time of writing.
Wemix Foundation Misreports Hack
On February 28th, 2025, the Wemix network suffered a major security breach that resulted in the unauthorized withdrawal of about 8,654,860 WEMIX tokens. According to the report, the breach happened after a malicious actor targeted the Play Bridge Vault.
For context, the Play Bridge is a system that facilitates the transfer of the game-themed cryptocurrency across multiple blockchain networks. Meanwhile, the Play Bridge Vault functions as a specialized wallet, temporarily holding virtual assets to facilitate smooth transactions during this transfer.
Unfortunately, the team behind the token did not immediately inform the users about the attack but waited for four days. According to the platform, the delay was to prevent the public from panicking.
Wemade Co. Reacts to Delisting News
The team released a statement in response to DAXA’s announcement of delisting Wemix.
“Sincere apologies are once again extended to the WEMIX community for the concern and distress caused by the Play Bridge incident and the subsequent termination of trading support by the Korean exchanges. In response to the incident, a range of security and risk mitigation measures was implemented to strengthen infrastructure across all services. At the same time, proactive buybacks were executed to support market recovery and promote greater ecosystem stability.”
This is not the first time DAXA has taken action against the Wemix token; in December 2022, the token was delisted from DAXA-affiliated exchanges due to concerns over inaccurate circulation reporting, but was reinstated a year later.
In a similar incident demonstrating South Korea’s stance on crypto regulation, the Financial Intelligence Unit (FIU) took action on 14 unregistered cryptocurrency exchanges, banning them from operating in the country.
