As the virtual asset Wemix issued by Wemade was delisted from domestic virtual asset exchanges for giving late notice after a hack, Onyx (XCN) coin, which suffered two hacks in the past that leaked assets totaling $5.9 million (about 8.7 billion won), was listed on Upbit. The virtual asset industry is raising concerns that exchanges lack clear listing standards.

According to the virtual asset industry on the 29th, Onyx transactions have been available on Upbit since on the 27th. Onyx saw $2.1 million and $3.8 million in assets leaked due to hacks in Nov. 2023 and Sept. 2024, respectively. Yoon Seung-sik, head of research at Tiger Research, said, "The industry questions the listing of the Onyx coin on Upbit after two hacking incidents. It can be seen as applying a strict yardstick only to Wemix, but with few precedents, exchanges appear to lack maturity in their listing standards."

Onyx (XCN), which has suffered two hacking incidents in the past, is trading at 8.44 won as of 4:45 p.m. on the 28th after being listed on the virtual asset exchange Upbit on the 27th./Courtesy of Upbit

Wemix had about 8.7 billion won worth of coins stolen in a hack on Feb. 28 last year. It then posted a notice about the coin theft on its website on Mar. 4. The Digital Asset eXchange Alliance (DAXA) designated Wemix as an investment warning issue for giving late notice of a virtual asset wallet hack, and on June 2 last year it was delisted from all domestic exchanges.

Onyx's hacking incidents were disclosed by external security firms on Nov. 1, 2023, and Sept. 26, 2024, and a few hours later the hack was announced. Although it announced the hack faster than Wemix, when the hack first became known some investors complained that the notice was late. There was also criticism that because Onyx uses a decentralized protocol (DAO; Decentralized Autonomous Organization), its decision-making is slower than that of traditional centralized organizations. A DAO is an organization that makes decisions through governance tokens and the like.

DAXA and Upbit said that which virtual assets to list is determined by the exchanges' listing review departments. Yoon, the head of the research center, said, "Unexpected incidents are occurring every day in the virtual asset industry. Because of this, even the listing departments of virtual asset exchanges are not in a position to establish perfect judgments and standards."

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