Why South Korean Exchanges Booted Wemix off Their Platforms
Cryptocurrency Wemix Experiences 60% Decline Following Removal from South Korean Trading Platforms
In the gaming world, Wemix, a cryptocurrency created by Wemade, has found itself in hot water. The Digital Asset eXchange Alliance (DAXA) announced that Bithumb will no longer support Wemix token trading from June 2, and withdrawals won't be an option after 3 p.m. This move isn't a surprise, as Wemix has faced the axe before — it was delisted and then reinstated in 2023 following an initial delisting in 2022. But why the constant antics?
Behind the Scenes – Wemix Hack and the Fallout
The Wemix ecosystem has been under attack. Recently, they suffered a massive hack, leading DAXA to conduct an in-depth review of the issuer's reliability and security standards. As a result, they pulled the plug on Wemix from five big platforms: Upbit, Bithumb, Coinone, Gopax, and Korbit.
The delisting will take effect on June 2, 3 p.m., and this isn't the first rodeo for Wemix. It encountered this situation before, back in December 2022.
The Wemix Price Tumble – $0.2727 in 15 Minutes
As news of the upcoming delisting reached the masses, Wemix's price took a nose dive. In just a few minutes on a Friday around 3 p.m., the price plummeted from $0.7225 to $0.2757, marking a 60% drop from the previous day. Wemade, the company behind Wemix, issued a statement of apology to the community, swearing to sort things out and get back on track. They also revealed plans to seek a listing on global crypto exchanges in the near future.
Looking Ahead – Wemix's Global Adventure
Although Wemix is now a no-go on South Korean exchanges, it's aiming high by pursuing listings on international platforms. This move signals a new dawn for Wemix, as it seeks to restore confidence among its traders. Keep an eye on Wemix as it embarks on this exciting new journey!
- In response to the removal from South Korean crypto exchanges, Wemix plans to seek listings on global cryptocurrency platforms.
- The delisting of Wemix token trading on Bithumb, coupled with the end of withdrawal options, was announced by the Digital Asset eXchange Alliance (DAXA).
- Cryptocurrency Wemix found itself in trouble yet again, following a massive hack, prompting DAXA to review the issuer's security standards and ultimately terminate the coin from several major South Korean crypto exchanges, including Korbit.
- As the price of Wemix plunged by 60% within mere minutes on a Friday afternoon, it became clear that the upcoming delisting from prominent South Korean crypto exchanges had sparked a significant drop in Wemix's value.
- The Wemix ecosystem has encountered several challenges, including past hacks and repeated delistings, handling such events within the broader cryptocurrency trading and finance technology ecosystem.
