🚨 WEMIX: The Importance of Trust Demonstrated Through Two Delistings [On-Site Report]

From the 9 billion hacking incident to re-delistings… Let’s analyze the shockwaves received by the blockchain industry.

📌 Table of Contents

1. Delisting – Relisting – Re-delistings… Summary of the WEMIX Rollercoaster Incident
2. Why another delisting? Three decisive reasons
3. Observations from the DAXA Announcement… This is what the exchanges said
4. Industry Impact Left by the WEMIX Incident (Summarized in a Table)
5. What will happen in the future? Interviews with three blockchain experts
6. Personal Thoughts: What if I had invested in WEMIX?
7. Conclusion: Lessons from this incident

1. Delisting – Relisting – Re-delistings… Summary of the WEMIX Rollercoaster Incident

May 2, 2025, will be recorded in the history of domestic blockchain. DAXA (Digital Asset Exchange Alliance) decided on the relisting delisting of WEMIX. 🎢 WEMIX, which had already experienced its first delisting in 2022, was walking the same path again.

Initially, my reaction was “again?” However, this decision had solid reasons. It was primarily due to a 90 billion won hacking incident and the insufficient response from Wemade. They announced recovery plans but lacked a concrete execution plan. ㅠㅠ

2. Why another delisting? Three decisive reasons

Here are the key reasons for the re-delist decision that I’ve analyzed:

1. ✅ Insufficient security measures: No clear enhancement plan post-hacking incident
2. ✅ Absence of transparency: Core information such as buyback plans not disclosed in a timely manner
3. ✅ Drastic reduction in circulation: Loss of practical utility on domestic exchanges

Notably, DAXA emphasized that “it is the first time that delisting measures have been applied to the same coin again,” which was interpreted as a warning of “No more chances.” 📢

3. Observations from the DAXA Announcement… This is what the exchanges said

Experiencing the press conference firsthand, the atmosphere was intense. 🤯 A DAXA official stated, “Responsible operation by the project team is the most important,” showing a firm attitude.

An exchange representative even shared off-record, saying: “We warned during the first delisting, and it’s truly unfortunate. Strong measures were necessary to protect investors.” In fact, exchanges like Bithumb and Coinone have already halted trading support. (Upbit is the only one still maintaining it)

4. Industry Impact Left by the WEMIX Incident (Summarized in a Table)

Subject	Impact	Outlook
Investors	Sharp decline in asset value	Considering legal action
Wemade	Impact on the blockchain game ecosystem	Push for additional listings on foreign exchanges
Exchanges	Strengthening listing review criteria	Announcement of modifications to DAXA guidelines

Particularly noteworthy is Wemade’s announcement of “Push for additional listings on foreign exchanges.” However, experts assess that “Given the loss of trust in the domestic market, the likelihood of success in entering overseas markets is low.” 🌍

5. What will happen in the future? Interviews with three blockchain experts

I asked three experts for their opinions:

• Block Kim, Researcher: “Now, the execution capability of the team is more important than the white paper.”
• Chain Lee, CEO: “Lack of communication with regulatory authorities was the biggest issue.”
• Token Park, Lawyer: “Future litigation cases will become important precedents.”

The common sentiment was that “The essence of blockchain is not technology, but trust.” Regardless of how advanced the technology is, if the operating team loses trust, that’s the end. 💔

6. Personal Thoughts: What if I had invested in WEMIX?

To be honest… I was once interested in WEMIX too. A game-based token sounds attractive, right? 🎮 Fortunately, I never went as far as investing, and the reason is interesting.

I focused on Wemade’s past behavior. They already have a history of not keeping promises several times. Instead of having vague expectations of “this time it’ll be different,” I decided it was wiser to observe cautiously. (And I’m relieved about that! Haha)

7. Conclusion: Lessons from this incident

The WEMIX incident has left us with important lessons:

1. 🚨 Trust comes before technology
2. 🚨 Communication with regulatory authorities is essential
3. 🚨 Always verify the execution capability of the team before investing

In the future, blockchain projects will face stricter reviews. I can say this with certainty. However, I believe that such incidents will ultimately help create a healthy ecosystem. What do you think?

❓ Frequently Asked Questions

Q1. What should WEMIX holders do?

A. Withdrawal deadlines vary by exchange, so be sure to check. Upbit will support until June 2.

Q2. Is litigation possible?

A. It’s possible, but due to the nature of virtual assets, there are many challenges. Consult a specialized lawyer.

Q3. Are other game tokens also risky?

A. They can’t be deemed as categorically risky. However, due to this incident, reviews of game tokens are expected to become stricter.

Q4. Will trading become impossible on overseas exchanges?

A. Currently, this applies only to domestic exchanges, but overseas exchanges can also take action based on their own judgment.

Q5. How can we prevent such incidents in the future?

A. Project teams must operate transparently, and investors should habitually conduct thorough prior research.

💬 What are your thoughts?

1. If you had invested in WEMIX, what actions are you taking now?
2. Do you plan to change your virtual asset investment approach after this incident?

Please share your valuable opinions in the comments! I will personally respond to all 😊

✍️ Epilogue: Growing Pains in the Blockchain Industry

This incident has led me to reflect deeply. Clearly, blockchain technology is an innovative technology that will change our lives… but it seems to be undergoing growing pains. 🌱

Personally, I worry that if such issues continue, investors will ultimately leave the market. However, I also hold hope that this incident will contribute to creating a healthy market.

Believing that “this time it’ll be different” for projects that have disappointed multiple times feels akin to gambling. I’ve come to realize once again that investment should ultimately be a decision based on trust.

In the future, I will continue to deliver these important issues in a timely manner on my blog! Thank you for reading this lengthy article 🙏

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