Wemix Token Drops 60% After Delisting by South Korea’s Major Crypto Exchanges
Wemix, the native cryptocurrency of South Korean Web3 gaming firm Wemade, experienced a sharp 60% plunge on Friday after the nation’s leading crypto exchanges announced a coordinated decision to delist the token for a second time.
According to data from CoinMarketCap, the price of Wemix fell from $0.72 to as low as $0.27 within just 15 minutes following the announcement made around 3 p.m. KST. The token slightly rebounded to around $0.36 by publication time but remained down 50% from the previous day.
The delisting was confirmed by the Digital Asset Exchange Association (DAXA), a coalition of South Korea’s five major exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax. These platforms dominate the country’s fiat-to-crypto trading infrastructure, making DAXA’s decisions pivotal in determining market accessibility for digital assets.
Why Was Wemix Delisted?
The move to delist stems from ongoing concerns about Wemix's compliance and credibility. Earlier this year, the token was placed on an “investment caution” list following a $6.2 million exploit involving the Play Bridge cross-chain protocol. Despite the severity of the breach, the Wemix Foundation delayed notifying the public by four days, citing a need to avoid sparking market panic — a delay that coincided with a 40% price drop.
DAXA said on Friday that the foundation had failed to sufficiently address the issues raised earlier, ultimately concluding that “the asset does not meet the criteria for maintaining transaction support,” according to an official statement from Bithumb.
This is not the first time Wemix has faced scrutiny. In December 2022, the token was previously delisted by the same exchanges after it was revealed that the actual circulating supply exceeded what had been disclosed — a breach that marked the first such dual delisting of a domestic token, as noted by local news outlet Yonhap.
Wemade Responds
In a statement released shortly after the announcement, the Wemix team apologized to its community but emphasized its ongoing commitment to the project’s future.
“We want to clearly state that the foundation and Wemade have unwavering commitment and belief in the growth of the Wemix ecosystem, regardless of the domestic exchanges’ decision to terminate trading support,” the team said.
The foundation also confirmed that it would proceed with a planned buyback of tokens worth 10 billion Korean won (approximately $7.1 million), initially announced in March as part of efforts to stabilize and support the token’s market performance.
Market Impact
The news had a ripple effect beyond the token itself. Shares of Wemade, the parent company behind Wemix, closed down 17.45% on the same day, according to Google Finance. The stock has now fallen over 32% year-to-date, reflecting broader investor concern around the project’s regulatory and operational challenges.