WEMIX Foundation to Conduct a Coin Buyback Worth 10 Billion Won

Wemade's blockchain subsidiary, the WEMIX Foundation, which suffered a virtual currency theft worth about 9 billion won due to hacking, will conduct a coin buyback (market purchase) worth 10 billion won.

output: Wemade's blockchain subsidiary, the WEMIX Foundation, which suffered a virtual currency theft worth about 9 billion won due to hacking, will conduct a coin buyback (market purchase) on 14th.

WEMIX announced through its website the previous evening that "the value of the stolen WEMIX is estimated to be about 8.75 billion won, and with an additional 1.25 billion won, we will implement a buyback worth 10 billion won."

WEMIX noted that "considering the possibility of side effects due to market volatility, the schedule for the buyback will be announced separately shortly after it starts without prior notice," and set the market purchase period to one year.

It added, "We have set a maximum duration to minimize the risk of the buyback being perceived as a market price adjustment against our intentions and to reduce the compromise of our objectives due to the intervention of short-term transaction traders," and mentioned, "We will proceed as quickly as possible while excluding such risks."

The WEMIX Foundation announced that on 4th, about 8,654,860 WEMIX coins were stolen due to a malicious external attack on the virtual currency wallet 'Play Bridge Vault.'

In response, the Digital Asset Exchange Joint Committee (DAXA), a consortium of domestic cryptocurrency exchanges, announced on 13th that it will be designating WEMIX as a monitored item for trading and suspending deposits from 14th.

WEMIX stated that "we are currently conducting a comprehensive security re-examination and improvement work in a large scope, aiming for completion by 21st of March."

They added, "We will do our best to quickly recover from the shock and normalize our services and ecosystem."