The Wemix token, linked to South Korean game publisher Wemade, faced a sharp price drop following a delisting announcement by five major crypto exchanges in the country.
Dramatic Price Drop of Wemix Token
According to Coingecko data, the price of Wemix fell from $0.7225 to $0.2757 in under 15 minutes. Although it recovered slightly to $0.38 at the time of publication, it remains more than 45% down compared to Thursday's close.
Reasons Behind the Delisting of Wemix Token
The delisting was announced by the Digital Asset eXchange Alliance (DAXA), comprising Upbit, Bithumb, Coinone, Korbit, and Gopax, which expressed concerns over the issuer's reliability. They stated: 'Based on a comprehensive review of the reliability of the issuer and security standards, we have decided to terminate trading support as it does not meet the criteria.'
Steps to Restore Confidence
In light of the price decline and security issues, Wemade issued an apology to its community. The company confirmed its plans to proceed with a token buyback of 10 billion won ($7.1 million) to help restore investor confidence.
The future of the Wemix token seems uncertain due to recent incidents and ongoing challenges in the crypto industry. Its recovery will depend on the measures the company takes to regain investor trust.
