WEMIX Price Plunges 60% After Major Korean Exchanges Announce Second Delisting

By: crypto news|2025/05/02 21:15:01
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WEMIX, the native cryptocurrency of South Korean gaming firm Wemade, saw its price plunge over 60% following a devastating announcement from the Digital Asset eXchange Alliance (DAXA) that it will be delisted from all major domestic exchanges by June 2.한국의 주요 5개 거래소가 6월 2일부터 WEMIX 거래를 중단할 예정이며, 이로 인해 토큰은 60% 이상 급락하여 $0.2757에 이르렀다가 약 $0.36으로 반등했습니다. 이는 WEMIX의 두 번째 집단 상장 폐지입니다. DAXA 거래소 동맹은 상장 기준 미달을 이유로 들었습니다. 一 링크 한국의 주요 5개...— WuBlockchain News Korean (@WuBlockchainKR) May 2, 2025The decision marks the second time WEMIX has faced delisting within South Korea’s notoriously cautious crypto environment.The delisting follows a February cyberattack in which more than 8.65 million WEMIX coins, valued at around 9 billion won (approximately $6.2 million), were illicitly withdrawn from Wemade’s Play Bridge Vault, a critical component of its Web3 infrastructure. DAXA deemed the breach inadequately explained, and the WEMIX Foundation failed to satisfy key transparency, disclosure, and user compensation compliance standards.DAXA, which comprises five major Korean crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax, announced that all trading support for WEMIX will cease at 3:00 PM KST on June 2. Withdrawal functionality will remain available until July 2. The move was particularly consequential because Korea remains WEMIX’s most significant liquidity and trading volume market.Source: CryptonewsWEMIX’s price collapsed nearly 60% on the news, falling from 1,200 won ($0.85) to just over 400 won within hours. Shares of Wemade were similarly affected, tumbling 17.45% in a single day to close at 23,650 won.Delisting Decision Deepens Regulatory and Security Woes, Affects WEMIX PriceDAXA’s rationale for the delisting was firmly rooted in its description of Wemade’s ongoing failure to meet the standards necessary for maintaining trading support. “Despite the foundation’s explanatory data, the cause of the security breach and investor compensation plans remain unclear,” DAXA stated. The alliance conducted multiple reviews in March and April following the February hack, during which WEMIX had already been placed on a warning list. Ultimately, however, the regulators determined that neither the incident nor the risks to investors had been sufficiently addressed.Wemade’s response was to propose a token buyback initiative to absorb circulating WEMIX and burn (incinerate) the tokens to restore market trust. WEMIX Buyback ExecutionTo swiftly recover from the impact of the WEMIX PLAY Bridge incident and restore the stability of the service and ecosystem, the #buyback execution begins today.The buyback method and the exchanges where the buyback was conducted will be disclosed... pic.twitter.com/KU6XCWYz8U— WEMIX (@WemixNetwork) March 14, 2025While this plan was made public, DAXA was unconvinced of its effectiveness or sincerity. The February hack, which affected the Play Bridge Vault used for cross-chain token transfers, highlighted vulnerabilities in Wemade’s infrastructure.Despite immediate disclosures by the company, DAXA flagged a lack of timely and transparent communication. The security lapse was particularly troubling because WEMIX underpins multiple blockchain-based games and DeFi applications within Wemade’s ecosystem.This is not the first time the company has had to weather such storms. In 2022, WEMIX was initially delisted from Korean exchanges, only to be reinstated the following year. That prior delisting was also due to concerns over token supply disclosures.A Strategic Setback With Global ImplicationsThe delisting’s domestic impact cannot be overstated. With Korean exchanges responsible for most of WEMIX’s trading volume, losing liquidity and investor access in its home market is critical. Even though WEMIX remains tradable on certain overseas platforms like Bitget and Bybit, trading volumes on those exchanges are minuscule compared to South Korea’s concentrated crypto ecosystem. Moreover, re-listing on domestic exchanges is now barred for at least a year under current regulatory guidelines.Wemade has vowed to continue expanding its blockchain initiatives globally, hinting at new exchange listings outside of Korea to mitigate the impact of the delisting.Statement for the WEMIX CommunityIn response to DAXA’s recent decision to end support for #WEMIX transactions,we sincerely apologize to our community.We remain firmly committed to the integrity, growth, and global future of WEMIX. Official announcement here :... pic.twitter.com/K28EWf94jU— WEMIX (@WemixNetwork) May 2, 2025However, without robust domestic support and still recovering from reputational damage, those efforts face uphill challenges.With its ecosystem’s key token removed from its strongest market, the company will have to navigate technical or regulatory challenges and a fundamental crisis of trust among investors and users alike.The future of Wemade’s blockchain ambitions may now hinge on how it restores faith after its second major delisting.The post WEMIX Price Plunges 60% After Major Korean Exchanges Announce Second Delisting appeared first on Cryptonews.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.


Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.


Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps


Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.


The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position


The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.


Social-Native Trading: Strategy and Execution Completed in the Same Context


Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying


On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.


By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.


Referral Mechanism: Non-institutional users can receive up to 60% fee split


Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings


This model aims to drive user-driven network expansion and organic growth.


Self-Custody Architecture and Built-in Privacy Mechanism


Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:


· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure


The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.


A New Path for On-Chain Derivatives


Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.


The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.


Regulatory Background


Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.


This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."


The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.


About Mixin


Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.


Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication


Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.


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