The WEMIX team has announced a 10 billion KRW buyback plan to restore market confidence and protect the value of WEMIX following the WEMIX PLAY Bridge incident.
WEMIX Buyback Plan
The plan includes a buyback of 10 billion KRW in WEMIX coins. This includes the withdrawn 8,654,860 WEMIX coins valued at approximately 8.75 billion KRW. An additional 1.25 billion KRW will be allocated, bringing the total buyback amount to 10 billion KRW.
Buyback Methods and Period
The buyback will employ both Time Weighted Average Price (TWAP) and Volume Weighted Average Price (VWAP) methods to ensure effective execution. The buyback period will last up to one year, though the schedule will not be disclosed in advance to prevent market volatility. Announcements will be made upon initiation and completion.
Future Steps and Security
The WEMIX team is conducting a comprehensive security reassessment and enhancements across services, expected to complete by March 21st. The focus remains on restoring normal operations and ensuring ecosystem stability.
The planned measures and security efforts reflect WEMIX's commitment to restoring and maintaining market stability and protecting users' interests.
