Altcoin Wemix has dropped by 50% due to mass registration news from the Korean stock exchange.
A large hostel from Korea!
Wemix (Wemix), a cryptocurrency by Korean web3 game developer Wemade, has dropped significantly following the announcement of a local exchange, following the removal of Wemix for the second time, local communications agency Yonhap reported.
Therefore, five major cryptocurrency exchanges in Korea Upbit, Bithumb, Coinone, Korbit and Gopax announced they are planning to register Wemix from the exchange on June 2, with token withdrawals expected to be confirmed on July 2.
The decision to abolish Wemix tokens was reportedly made through the Korean Digital Asset Exchange Association, Daxa.
Daksa said in a statement:
“After conducting a comprehensive review of security issuer reliability and security standards, we have decided to end transaction support for Wemix because it has not met the standards.”
Wemix’s delisting came on February 28th after the company’s server was hacked. There, more than 8.65 million Wemix tokens, worth 9 billion won ($6.38 million), were stolen at that time.
At this point, Daxa said the registration decision was made because he believes the Wemix Foundation has not fully addressed the issues that led to its designation as a cautious investment cryptocurrency. This is because the Wemix Foundation notified users of the hack four days after the incident, describing this delay as a precaution to prevent market panic. At this point, Daxa believes that the Wemix Foundation explanation is unreliable and not sufficient.
This was the second decision to abolish Wemix!
Wemix has previously been delisted by Korean exchanges. In 2022, South Korea’s largest cryptocurrency exchange announced that it would list Wemix (Wemix), which allegedly provided misinformation that caused confusion.
Wemix, which was deprecated by Daxa, lost almost 75% of its value following the news.
At this point, Wemix became the first local token to be suspended twice by the Korean trading platform.
Wemix, which has dropped 50% from the $0.7 level, continues to trade at $0.37 at the time of writing.
*This is not investment advice.