South Korea Decides to Mass Delist This Altcoin, Price Crashes! – It's Being Delisted for the Second Time!

Mass delisting news from South Korean stock exchanges caused the altcoin $WEMIX to drop by 50 percent.

Mass Delist from South Korea!

South Korean Web3 game developer Wemade’s cryptocurrency Wemix ($WEMIX) has seen a major drop following the country’s local exchanges’ announcements to delist $WEMIX for the second time, local news agency Yonhap reported.

Accordingly, South Korea's five major cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit and Gopax announced that they plan to delist $WEMIX from the exchange on June 2, and token withdrawals are expected to be finalized on July 2.

The decision to delist the $WEMIX token was reportedly made through the Korea Digital Asset Exchange Association DAXA, which includes five major exchanges among its members.

DAXA said in a statement:

“After conducting a comprehensive review of the security issuer's reliability and security standards, we have decided to terminate transaction support for $WEMIX because it does not meet the criteria.”

$WEMIX’s delisting came after the company’s server was hacked on February 28, where over 8.65 million Wemix tokens worth 9 billion won ($6.38 million) at the time were stolen.

At this point, DAXA said that it believes that the Wemix Foundation has not sufficiently addressed the issues that led to its designation as a cautious investment cryptocurrency, and therefore the delisting decision was made. Because the Wemix Foundation notified users of the hack four days after the incident and explained this delay as a precaution to prevent market panic. At this point, DAXA believes that the $WEMIX Foundation's explanation is not credible and sufficient.

This Was the Second Delisting Decision About $WEMIX!

$WEMIX has previously been delisted by South Korean exchanges. In 2022, South Korea’s largest cryptocurrency exchanges announced that they would be delisting Wemix ($WEMIX) for allegedly providing false information that caused confusion.

$WEMIX, which was also delisted by DAXA, lost nearly 75 percent of its value following the news.

At this point, $WEMIX became the first local token to be suspended twice by South Korean trading platforms.

$WEMIX, which has fallen 50 percent from $0.7 levels, continues to be traded at $0.37 at the time of writing.

*This is not investment advice.