Wemix (WEMIX), a cryptocurrency that is issued by Korean game publisher Wemade, will be delisted from domestic crypto exchanges

The Digital Asset Exchange Association (DAXA) announced that the Bithumb exchange will end the trading support of Wemix tokens

Korean crypto exchange Association (DAXA) announced that Bithumb exchange will cease support for trading in Wemix tokens by 3 p.m. on June 2, and after this time, users will no longer be able to withdraw their tokens.

After the announcement, Wemix price dropped 60%.

Why Is South Korea’s Exchange Delisting Wemix?

Recently, the Wemix ecosystem had a large-scale hacking incident. Based on a comprehensive review regarding the issuer’s reliability and security standards, DAXA has decided to cancel its support for trading in Wemix on five major platforms: Upbit, Bithumb, Coinone, Gopax, and Korbit.

In the announcement, DAXA said that support for trading in Wemix will come to an end by 3 p.m. on June 2. This is not the first time Wemix is being delisted from major exchanges. Previously, in December 2022, it was delisted and later readmitted.

Wemix Price Hit $0.2727 After 15 Minutes

Within a few minutes of the announcement being made on Friday around 3 p.m., Wemix price went down from $0.7225 to hit lows of $0.2757 comparatively, which is 60% lower from the previous day.

Earlier, the price of the token went up to $1.80 in November 2022, after which it faced a decline of more than 80% in December of the same year, when it was delisted from major exchanges in South Korea. Afterward, the token recovered to reach $0.80 again in March 2023, after which it was readmitted to the exchanges.

How Did Wemake Respond to the Delisting?

Following the Delisting announcement from DAXA, Wemado’s Wemix team has released an apology statement to the community members for the removal of the token from the local exchanges.

The team said: “The team will be rapidly mobilizing all available resources to overcome this quickly and return to a normal trajectory.”

Also, Wemado stated that Wemix will be pursuing its listing on global crypto exchanges in the coming days.

Summing Up

Though Wemix is delisted from domestic exchanges, its future listing will be pursued on global exchanges. This signals that Wemix will soon regain confidence among its traders. Hope Wemado’s reputable team will offer their valuable traders a secure Wemix trading opportunity. Stay tuned for further updates on Wemix.