Wemix Price Plummets 60% After Delisting Announcement

Wemix, a cryptocurrency issued by the Korean game publisher Wemade, is set to be delisted from major domestic crypto exchanges. The Digital Asset Exchange Association (DAXA) announced that the Bithumb exchange will cease trading support for wemix tokens on June 2, with withdrawals becoming impossible from 3 p.m. on that day. Following this announcement, the price of Wemix plummeted by 60%.

The delisting decision comes after a large-scale hacking incident within the Wemix ecosystem. Following a comprehensive review of the issuer's reliability and security standards, DAXA decided to terminate trading support for Wemix on five major platforms: Upbit, Bithumb, Coinone, Gopax, and Korbit. This is not the first time Wemix has faced delisting; it was previously delisted in December 2022 and reinstated the following year.

Within minutes of the announcement, Wemix's price dropped from $0.7225 to a low of $0.2757, marking a 60% decrease from the previous day's price. The sudden drop highlights the market's sensitivity to regulatory actions and security concerns.

In response to the delisting announcement, Wemade's Wemix team issued an apology to community members. The team stated that they would utilize all available resources to overcome this challenge and return to a normal trajectory. Wemade also announced that Wemix will pursue listings on global crypto exchanges in the coming days, signaling their intent to regain confidence among traders.

Despite the setback, Wemix's future listing on global exchanges suggests that the cryptocurrency aims to regain its footing. The reputable team at Wemade is expected to provide secure trading opportunities for their valuable traders. The situation remains fluid, and further updates on Wemix are anticipated.

Ask Aime: What's the impact of Wemix's delisting on the cryptocurrency market?