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Photo = Yonhap news |
[Alpha Biz= Paul Lee] SEOUL, South Korea – June 12, 2025 — South Korean game developer WEMADE Co., Ltd. (KOSDAQ: 112040) has filed an appeal against the court’s decision rejecting its request to suspend the delisting of its cryptocurrency, WEMIX, from major domestic exchanges.
According to industry sources on Wednesday, WEMADE submitted an immediate appeal (즉시항고) to the Seoul High Court on June 11, following the Seoul Central District Court’s dismissal of the injunction request on May 30.
The first-instance court ruled that WEMADE had failed to adequately disclose a significant security breach in a timely manner. The WEMIX hack, which occurred on February 28, was only publicly disclosed on March 4, four days after the incident.
In March, Digital Asset eXchange Alliance (DAXA) — comprising major Korean exchanges including Bithumb, Coinone, Korbit, and GOPAX — flagged WEMIX as an investment risk. On June 2, these exchanges officially terminated trading support for the token, citing inadequate disclosure and risk management.
Following the ruling, Kim Seok-hwan, CEO of the WEMIX Foundation, stated during an investor meeting, “The court misinterpreted the facts,” and signaled that an appeal would be filed.
The appeal is now expected to be reviewed by the Seoul High Court in the coming weeks.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
