GameFi Token WEMIX Caught in Regulatory Crosshairs on Bithumb Exchange
- Bithumb keeps WEMIX under close watch following $6.2M token hack.
- Wemade delayed disclosure by four days, citing security concerns.
- DAXA will decide on WEMIX delisting by early May 2025.
WEMIX, a blockchain gaming token, continues to face regulatory headwinds in South Korea due to a controversial hack and delayed communication by its issuer, Wemade.
Now, Bithumb, one of the nation’s largest crypto exchanges, announced that it will extend WEMIX’s classification as a “closely monitored asset,” after recommendations by the Digital Asset eXchange Alliance (DAXA).
That monitored status leads to a critical point: a final decision on whether to delist the token the week ending May 2nd. It’s a decision that could heavily impact South Korea’s GameFi ecosystem.
Why is WEMIX Facing Delisting Risk?
The scrutiny intensified after a February 28 security breach on the PlayBridge Vault, Hackers illegally withdrew over 8.65 million WEMIX tokens, worth about $6.2 million at the time.
Critically, the WEMIX Foundation waited four days, disclosing the incident only on March 4th, triggering sharp backlash from the local crypto community. The delay led to…
The post GameFi Token WEMIX Caught in Regulatory Crosshairs on Bithumb Exchange appeared first on Coin Edition.
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GameFi Token WEMIX Caught in Regulatory Crosshairs on Bithumb Exchange
- Bithumb keeps WEMIX under close watch following $6.2M token hack.
- Wemade delayed disclosure by four days, citing security concerns.
- DAXA will decide on WEMIX delisting by early May 2025.
WEMIX, a blockchain gaming token, continues to face regulatory headwinds in South Korea due to a controversial hack and delayed communication by its issuer, Wemade.
Now, Bithumb, one of the nation’s largest crypto exchanges, announced that it will extend WEMIX’s classification as a “closely monitored asset,” after recommendations by the Digital Asset eXchange Alliance (DAXA).
That monitored status leads to a critical point: a final decision on whether to delist the token the week ending May 2nd. It’s a decision that could heavily impact South Korea’s GameFi ecosystem.
Why is WEMIX Facing Delisting Risk?
The scrutiny intensified after a February 28 security breach on the PlayBridge Vault, Hackers illegally withdrew over 8.65 million WEMIX tokens, worth about $6.2 million at the time.
Critically, the WEMIX Foundation waited four days, disclosing the incident only on March 4th, triggering sharp backlash from the local crypto community. The delay led to…
The post GameFi Token WEMIX Caught in Regulatory Crosshairs on Bithumb Exchange appeared first on Coin Edition.
Read More
South Korean Crypto Investor Survey Points to Q3 for Altcoin Season Start