WEMIX Facing Delisting Crisis, Investment Warning Extended... Final Decision in Early May

The fate of the cryptocurrency WEMIX, which is facing a second delisting crisis due to a hacking incident, has been postponed once again. The final decision on whether it will be delisted is expected to be made in the first week of May.

Bithumb, a member of the Digital Asset eXchange Alliance (DAXA), announced on April 18 that it would extend the designation of WEMIX as an "investment warning" asset. DAXA is a consultative body comprising five domestic virtual asset exchanges: GOPAX, Bithumb, Upbit, Korbit, and Coinone.

DAXA explained, "We are currently receiving explanations from the project team regarding the facts and follow-up measures related to the designation as an investment warning asset, and are conducting additional review procedures." The alliance added, "To allow for a more thorough review, we are extending the investment warning designation." DAXA also stated that it would announce whether the warning designation will be extended, lifted, or if WEMIX will be delisted during the first week of May (April 28 to May 2).

This is the second time DAXA has extended the investment warning designation for WEMIX. DAXA previously extended the designation once on March 18, just two weeks after WEMIX was first placed under investment warning status.

WEMIX is a blockchain game-related cryptocurrency issued by the Korean game company Wemade. The coin was designated as an investment warning asset by DAXA and is once again facing the risk of delisting after more than 8.65 million WEMIX coins were hacked from its own service, "Play Bridge." Based on the market price at the time, this amounts to approximately 9 billion KRW. WEMIX was also delisted from domestic exchanges by DAXA in 2022 due to discrepancies between the disclosed and actual circulation volumes.