Wemix plans 10 billion won buyback after 9 billion won cryptocurrency theft

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.

According to the gaming industry on the 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, designated WEMIX as a monitored item for trading and suspended deposits the previous day.

WEMIX stated that "we are conducting a comprehensive security re-examination and extensive improvement work aimed for completion by March 21," and added, "We will do our best to recover quickly from the shock and normalize our services and ecosystem."