WEMIX, a project under Wemade, faced delisting by DAXA following a major hack. Approximately 8,650,000 WEMIX were illicitly withdrawn from a smart contract, causing a severe impact on trust and exchange listings.
“We responded to DAXA’s request by undergoing security audits from KISA-certified consulting firms and submitted the resulting reports. To further strengthen trust, we have initiated additional security checks with another authorized consulting agency.” – WEMIX Team, Project Statement, Wemade
WEMIX Reacts to Hack With KISA Audits
The WEMIX team conducted supplementary audits with KISA-certified firms. It engaged new auditors to bolster market confidence after initial concerns were raised by DAXA, underscoring their commitment to addressing the issues.
Market Fallout After WEMIX Delisting
The breach has significantly impacted WEMIX’s market presence, with Korean exchanges suspending trade. The delisting has driven WEMIX to pursue legal measures against DAXA, questioning the transparency of the regulatory processes.
The incident underscores potential consequences for WEMIX, including financial strain from legal and security investments. Historical trends suggest substantial liquidity outflows and decreased staking activities, illustrating the hack’s broad market repercussions.
DAXA’s Unprecedented Token Re-Delisting
Exchange delistings after security breaches are not unique, but this marks a rare case where DAXA re-delisted a previously cleared token, illustrating stringent domestic regulatory stances on asset security.
Industry analysts express concerns regarding WEMIX’s market resilience. Expert assessments suggest challenges ahead, including potential loss of investor confidence and ongoing scrutiny from regulators, accentuated by previous incidents in the sector.
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