Wemade's "Wemix (WEMIX)," which was delisted twice from major domestic virtual asset exchanges, was recently listed on Thailand's largest exchange, Bitkub. However, in the industry, there is a strong view that this is not a "restoration of trust" but rather "listing wherever would take it." Bitkub has a high market share in Thailand but ranks around 60th to 70th globally (Tier 3–4) as a small to mid-sized exchange, and is assessed as lacking liquidity and listing verification systems compared with major exchanges.
According to CoinMarketCap, a global virtual asset market tracker, on the 3rd, Bitkub's global ranking is outside the top 60. Considering transaction size, hot wallet structure, and screening standards, the gap with Tier 1 and 2 exchanges such as Binance, Coinbase, and Upbit is clear.
On-chain data show that while Bitkub's headline holdings are mostly large-cap coins such as Bitcoin, Ethereum, and Ripple, repeated holdings of low-liquidity coins stand out in the detailed wallet composition. In particular, after the "Luna incident" (the 2022 collapse of the stablecoin UST that caused massive losses in the global market due to the Terra–Luna crash), Luna Classic (LUNC), for which trading has been effectively halted on major domestic and international exchanges, shows a single wallet on Bitkub alone with more than 206 billion tokens, and an abnormal wallet pattern is also seen with identical 28.5 billion-token balances dispersed across dozens of addresses.
In addition, Thai local projects JFIN and SIX each have about $6 million held in Bitkub wallets, and low market cap coins IOST and ZIL also show residual balances in the hundreds of millions repeatedly detected across multiple addresses. Coins "isolated" to the Thai market—having failed to list on major global exchanges but maintaining heavy trading only in Thailand—are concentrated in Bitkub wallets. "OmiseGO (OMG)," once a major global project, was delisted from Korea's Upbit and others in 2023 but continued trading on Bitkub through 2024.
Bitkub's native coin KUB also shows about $56 million in its wallets. During KUB's 2022 listing process, the then chief technology officer (CTO) was fined by the Thai Securities and Exchange Commission (SEC) for alleged insider trading. Thailand's financial authorities are also known to handle only exchange licensing, and unlike Korea's Digital Asset eXchange Alliance (DAXA), do not rigorously verify individual coin circulating supply, security, financial structure, or project substance.
In this environment, the listing of Wemix on Bitkub is widely analyzed as far from a "global relaunch." In Korea, key issues such as identifying the cause of the hacking incident, compensating victims, and the controversy over insincere disclosures remain unresolved.
Earlier, in May, Wemix received a relisting delisting notice from the Digital Asset eXchange Alliance (DAXA). Reasons included the PlayBridge Vault hacking incident, issues with disclosure credibility, and the lack of compensation for victims. Wemade filed for an injunction to suspend the effect, but the court did not accept it. In the first delisting in 2022, the court also recognized DAXA's self-regulatory authority and reached the same decision.
A virtual asset industry official said, "Coldly speaking, it is closer to seeking a refuge than a global relisting strategy," adding, "If there had been confidence in technical and security trust, they would have targeted major exchanges like Binance or Coinbase first." The person added, "The very fact that a Thai local exchange with loose listing standards was chosen shows the reality Wemix faces."