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Photo = Yonhap news |
[Alpha Biz= Paul Lee] The WEMIX Foundation, a subsidiary of South Korean game developer Wemade, announced on May 8 that it has appointed legal representatives from Kim & Chang and Shin & Kim to file an injunction against the decision by DAXA (Digital Asset eXchange Alliance) to delist the WEMIX token from major Korean cryptocurrency exchanges.
This marks the second time that WEMIX has faced delisting in the domestic market. DAXA — an alliance of five major Korean won-based crypto exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax — announced on May 2 that it would terminate trading support for WEMIX. The decision was based on a security breach in which WEMIX tokens worth approximately KRW 9 billion (around USD 6.5 million) were stolen on February 28. DAXA cited WEMIX’s delay in disclosing the incident, noting that the breach was only made public on March 4, about four days later.
In a statement, the WEMIX Foundation said, “We aim to submit our injunction request to the court by the end of this week or early next week at the latest.” The Foundation has also requested that DAXA and its member exchanges disclose the documentation supporting the delisting decision, including review reports and meeting minutes. However, they claim that DAXA has refused to provide any detailed rationale or documentation for the delisting.
WEMIX emphasized that it has complied with DAXA’s request for clarification, having submitted a security audit report from a Korea Internet & Security Agency (KISA)-certified firm. It is also in the process of securing an additional audit from a separate cybersecurity firm.
In a bid to stabilize the token’s value, the WEMIX Foundation added that it is undergoing verification by Daiju Accounting Corporation regarding its planned buyback efforts.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
