WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?
Seoul Central District Court has actually dismissed Wemade’s injunction, clearing WEMIX for delisting from Korean exchanges on June 2. Following a February hack, transparency concerns stick around. Wemade has apologized, pledged tighter security, and will keep withdrawals open until July 2 while planning recovery.
South Korean gaming firm Wemade is getting ready for a new chapter after a Seoul court declined its bid to halt the delisting of its cryptocurrency, WEMIX, from major domestic exchanges. On May 30, the Seoul Central District Court dismissed Wemade’s injunction request to block the termination of WEMIX trading support. The decision clears the way for the complete delisting of the token from local exchanges by June 2.
The judgment comes months after the Digital Asset eXchange Alliance (DAXA), a consortium of five major Korean exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—announced that WEMIX would be removed following a February security breach. The hack saw over 8.65 million WEMIX, worth around 9 billion won ($6.2 million), illicitly withdrawn from the company’s Play Bridge Vault, a crucial part of its Web3 infrastructure.
DAXA said Wemade failed to meet transparency and user protection standards after the incident. The exchanges flagged the project for review in March and April. By May, the group moved forward with a delisting plan, ending all trading support by June 2 at 3:00 p.m. KST. Withdrawal services for WEMIX holders will continue until July 2.
Wemade challenged the move in court on May 9, calling the decision unfair and filing for an injunction. With the court ruling against the company, the delisting will proceed as planned.
WEMIX Apologizes to Users, Commits to Security Upgrades and Community Stability
In a public statement following the court’s decision on May 30, the WEMIX team expressed regret but vowed to move forward. The company acknowledged the damage caused by the hack and apologized to its users and community, promising to enhance security and maintain operations across its blockchain gaming environment.
WEMIX serves as the core currency across Wemade’s blockchain-based gaming and DeFi platforms. The loss of local exchange listings poses a major challenge for the company, despite facing similar obstacles before.
WEMIX Delisting Deals Significant Blow to Korean Trading, Re-Listing Blocked for One Year
In 2022, WEMIX was also delisted over token supply disclosure issues but regained listings the following year. Now, the team has indicated its determination to overcome the challenge once again.
Despite recent setbacks, the WEMIX team appears dedicated to rebuilding. With trading ending in just days and withdrawals closing in July, the next few weeks will be crucial for Wemade as it strives to maintain user trust and navigate global markets.
The impact of this delisting on WEMIX in South Korea is substantial. Korean exchanges handled most of WEMIX’s trading volume, so losing access to local liquidity and investors is a significant setback. While WEMIX remains available on overseas platforms like Bitget and Bybit, those exchanges see minimal trading compared to South Korea’s concentrated crypto market.
Furthermore, current regulations prevent WEMIX from being relisted on Korean exchanges for at least a year.
