| Key Points: – Wemix Token Plunge 60% after five major Korean exchanges announced plans to delist the asset. – DAXA cited security concerns and insufficient transparency from the Wemix Foundation. – This marks the second delisting of Wemix in South Korea, following a similar event in 2022. – Wemade’s stock dropped 17.45% on the same day amid investor panic. |
WEMIX token plunge 60% following the delisting decision by South Korea’s five major fiat-enabled exchanges, citing unresolved trust and security issues.
The WEMIX token, issued by South Korea’s Web3 gaming company Wemade, collapsed over 60% after local exchanges decided to delist it, marking the second such event. The decision, triggered by trust and security concerns, sent shockwaves through both the token’s market price and Wemade’s stock. This article outlines the timeline, reasons, and aftermath of the latest WEMIX token plunge.
WEMIX Token Plunge Follows Delisting from Korean Exchanges
The WEMIX token plunge began when DAXA, an association representing Korea’s top five fiat-enabled exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—announced they would remove WEMIX from trading on June 2, 2025, with withdrawals ending July 2.
Within 15 minutes of the announcement, the token’s price crashed from $0.7225 to $0.2757 before stabilizing near $0.36, still down more than 50% from the prior day.
According to Yonhap News, this is the second time WEMIX has been delisted in South Korea. Back in December 2022, it was suspended after the reported circulating supply exceeded its public disclosure, making it the first native token in the country to face two delistings.
Security Lapses and Regulatory Concerns Reignite Investor Skepticism
The latest delisting follows a February 2025 security breach where hackers stole $6.2 million worth of WEMIX through the Play Bridge protocol. The foundation delayed disclosure by four days, citing a desire to avoid market panic. During that period, the token lost 40% of its value.
According to a statement from Bithumb, DAXA found the Wemix Foundation’s response to be inadequate, especially in terms of transparency and risk management. These unresolved issues contributed to the final decision to remove the token from trading platforms once again.
Wemade’s Apology and Market Fallout
Following the news, the Wemix team issued a public apology, expressing disappointment but reaffirming its commitment to the ecosystem’s growth. The foundation confirmed it will proceed with a 10 billion KRW ($7.1 million) token buyback to stabilize price sentiment.
Meanwhile, parent company Wemade’s stock took a major hit, falling 17.45% to 23,650 won ($16.77) on the same day. Year-to-date, the stock is down 32.1%, showing broader investor skepticism following the WEMIX token plunge.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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