South Korean gaming agency Wemade is making ready for a brand new chapter after a Seoul courtroom rejected its bid to cease the delisting of its cryptocurrency, WEMIX, from main home exchanges.
On Could 30, the Seoul Central District Courtroom dismissed Wemade’s injunction request to dam the termination of WEMIX buying and selling assist. The choice clears the best way for the total delisting of the token from native exchanges by June 2.
WEMIX to Be Delisted by June 2 After Seoul Courtroom Rejects Wemade Enchantment
The ruling comes months after the Digital Asset eXchange Alliance (DAXA), a consortium of 5 main Korean exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—introduced that WEMIX can be eliminated following a February safety breach.
$WEMIX drops 60% after main Korean exchanges announce second delisting, citing unresolved safety and compliance points post-$6.2M hack.#WEMIX #DAXAhttps://t.co/1UZtxbjVNS
— Cryptonews.com (@cryptonews) Could 2, 2025
The hack noticed over 8.65 million WEMIX, value round 9 billion gained ($6.2 million), illicitly withdrawn from the corporate’s Play Bridge Vault, a key a part of its Web3 infrastructure.
DAXA mentioned Wemade failed to satisfy transparency and person safety requirements after the incident. The muse’s explanations and compensation plans have been deemed inadequate.
“Regardless of the muse’s explanatory information, the reason for the safety breach and investor compensation plans stay unclear,” DAXA said in its determination.
The exchanges flagged the mission for evaluate in March and April. By Could, the group moved ahead with a delisting plan, ending all buying and selling assist by June 2 at 3:00 p.m. KST. Withdrawal providers for WEMIX holders will proceed till July 2.
Wemade challenged the transfer in courtroom on Could 9, calling the choice unfair and submitting for an injunction. Nonetheless, with the courtroom ruling in opposition to the agency, the delisting will proceed as deliberate.
WEMIX Apologizes to Customers, Commits to Safety Upgrades and Ecosystem Stability
In a public assertion following the courtroom’s determination on Could 30, the WEMIX workforce expressed remorse however promised to maneuver ahead.
“The WEMIX workforce could be very sorry about the results of this injunction software, however we respect the courtroom’s determination,” the assertion learn.
The corporate acknowledged the injury attributable to the Play Bridge Vault hack and the ensuing fallout. It additionally apologized to its customers and group, promising to enhance safety and keep operations throughout its blockchain gaming ecosystem.
“Now we have applied measures to strengthen safety and forestall recurrence,” the workforce mentioned. “Now we have actively responded to renew providers and stabilize the ecosystem.”
WEMIX serves because the core foreign money throughout Wemade’s blockchain-based gaming and DeFi platforms. The lack of native trade listings poses a significant problem for the agency, although it has confronted related hurdles earlier than.
WEMIX Delisting Offers Main Blow to Korean Buying and selling, Re-Itemizing Blocked for One Yr
In 2022, WEMIX was additionally delisted over token provide disclosure considerations, solely to regain listings the next 12 months.
Now, the workforce has indicated its willpower to beat the setback as soon as once more.
“No exterior elements can undermine the desire of the WEMIX workforce to maintain and develop the WEMIX ecosystem,” the corporate mentioned. “We’ll proceed with the deliberate enterprise and not using a hitch and supply actual worth by means of video games and providers primarily based on WEMIX.”
Whereas particulars stay restricted, the corporate mentioned it could quickly launch short- and long-term plans to deal with the delisting and stabilize the ecosystem.
Regardless of latest setbacks, the WEMIX workforce seems dedicated to rebuilding.
With buying and selling ending in simply days and withdrawals closing in July, the following few weeks can be decisive for Wemade because it makes an attempt to retain person belief and chart a path ahead in world markets.
The impression of this delisting on WEMIX in South Korea is large. Korean exchanges dealt with most of WEMIX’s buying and selling quantity, so dropping entry to native liquidity and buyers is a significant blow.
Whereas WEMIX remains to be out there on abroad platforms like Bitget and Bybit, these exchanges see little or no buying and selling in comparison with South Korea’s tightly concentrated crypto market.
To make issues worse, present laws imply WEMIX can’t be re-listed on Korean exchanges for at the very least a 12 months.
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