WeMade is on the verge of delisting again due to a large-scale hacking incident following an error in disclosing the circulation of virtual currency.

Although it formed an emergency response organization and promised measures to normalize transactions and prevent recurrence, the capital market's view of WeMade is not good.

WeMade is once again on the verge of delisting following a large-scale hacking incident that occurred after an error in disclosing the circulation of virtual currency.

The WeMix Foundation held a press conference at Hancom Tower in Bundang-gu, Seongnam-si, Gyeonggi-do on the morning of the 17th, officially apologizing for the damage caused by the takeover of WeMixcoin worth 8.75 billion won and announcing the sharing of the incident and the direction of future measures.

Earlier, WeMade announced on its website that about 8,654,860 WeMixcoins were abnormally withdrawn due to a malicious external attack on February 28. The bolt, which serves as a safe, was attacked from the outside. It was confirmed that all Wymix coins that moved to the attacker's wallet were sold.

The attacker is believed to have hacked by breaking into the internal network of the WeMix Foundation and stealing server rights. It is estimated that as data uploaded by developers to public storage media were leaked, authentication keys for systems of non-fungible token (NFT) platforms were stolen.

Currently, WeMixcoin has been designated as a transaction-related item by the Digital Asset Exchange Joint Consultative Group (DAXA).

The WeMix Foundation replaced the authentication key and transferred the infrastructure. In addition, measures such as upgrading the security system and strengthening transaction monitoring, improving the level of system encryption, rebuilding the multi-signature system, and expanding security experts were suggested.

WeMade Chairman Park Kwan-ho is also playing a role as the owner. On the 14th, a buyback was conducted to buy 10 billion won worth of Wymix Coin and incinerate it. In addition, it plans to purchase additional Wixcoin worth 16 billion won. It is larger than the amount of damage. Through this, the goal is to resume service on the 21st.

Regarding the delayed information on the hacking, he explained that he did not intend to cover it up, but was concerned about panic over additional attacks. It was based on receiving a complaint from the cyber investigation department of the Seoul Metropolitan Police Agency on the day of the hacking incident and asking the global cryptocurrency exchange to freeze assets 15 times.

Kim Seok-hwan, CEO of the WeMix Foundation, said, "I have nothing to say even if I have ten mouths. We sincerely apologize to everyone who suffered greatly from this incident, he said. "We will track down the attacker to the end, find out whether he is an insider or an outsider, take appropriate measures, and try to restore trust."

However, criticism of WeMade's management continues. Virtual asset investors are responding variously online, such as "WeMade is in trouble again because of coins," "If it's a business that can't handle it, it's right to close it," "Coins have the greatest risk of hacking, so you shouldn't neglect preparation," "There must have been some people who bought it because the chairman bought it," and "What if the game quality decreases while spending money on recovering coins?"

In fact, WeMade was delisted in December 2022 due to a difference between the distribution volume plan information and the actual distribution volume. Afterwards, it was re-listed on major exchanges excluding Upbit after completing coin collection and recovery in December 2023 through corrective measures. Jang Hyun-guk, former CEO of WeMade, is on trial on charges of manipulating the distribution volume of WeMix (violation of the Capital Markets Act).