Wemade Acquires and Burns WEMIX Worth 13 Billion Won to "Protect Investors"

[Image source=Yonhap News]

[Asia Economy Reporter Yuri Choi] Wemade announced on the 9th that it will buy back and burn WEMIX cryptocurrency worth 13 billion KRW issued by the company.

On the same day, the Wemade WEMIX team announced through a notice on their homepage that they will buy back and burn WEMIX Classic worth 10 million USD (approximately 13 billion KRW). The period is 90 days from that day until March 8 of next year. The buyback will be conducted through time-split equal orders on global exchanges where WEMIX is listed.

The buyback budget will be prepared through the foundation's investment attraction, asset disposal, and affiliate loans. Once the buyback is completed, the corresponding WEMIX will be burned by transferring it to a dead wallet, and the results will be disclosed.

This is part of investor protection measures. It aims to reduce the issuance volume as WEMIX is delisted. WEMIX was expelled from four exchanges affiliated with Daksa starting from 3 PM on the 8th, and withdrawal support to move WEMIX to other wallets will end from January 5 next year.

The WEMIX team explained, "Due to the recent termination of trading support by four Korean exchanges, the ecosystem's growth speed has slowed and experienced a temporary shock," adding, "As part of community and investor protection measures, we decided to carry out an immediate and practical buyback and burn campaign."