WEMIX Completes USD 7.7M (Approx. KRW 10.3 Billion) Buyback, Second Phase Underway
The first phase was designed to recover losses from the WEMIX PLAY Bridge incident and strengthen community confidence.
The WEMIX Foundation has successfully completed the first phase of its two-part buyback initiative, aimed at stabilizing the ecosystem and reinforcing long-term growth. This phase, conducted from March 14 to April 21, 2025, was independently verified by Grant Thornton Daejoo, a respected audit and advisory firm known for its global standards in financial transparency.
Phase 1 Buyback Highlights:
- Total Buyback Amount: KRW 10,277,946,281 (approx. USD 7.7M), including KRW 19,325,272 in associated costs.
- Total WEMIX Purchased: 10,050,534.40 WEMIX
- Korean Exchanges: 7,023,383.61 WEMIX
- Global Exchanges: 3,027,150.79 WEMIX
- Wallet Addresses:
- Korean Exchanges: 0x9370……….1e3727
- Global Exchanges: 0x991e……….2d0992
Context and Rationale:
The first phase was designed to recover losses from the WEMIX PLAY Bridge incident and strengthen community confidence. To ensure rapid execution, USDT was used for portions of the buyback, covering Tether transfer fees and buy-sell price differences on exchanges with KRW deposit limits.
Phase 2 Now Underway:
Following the successful completion of Phase 1, the WEMIX Foundation has initiated the second phase, targeting the purchase of 20 million WEMIX coins from the open market. This phase aims to further stabilize the ecosystem and restore market confidence.
Transparent Asset Management:
To simplify tracking and enhance transparency, WEMIX coins purchased through these phases are held in separate wallets based on exchange type:
- Phase 1 – Korean Exchange
- Phase 1 – Global Exchange
- Phase 2 – Korean Exchange
- Phase 2 – Global Exchange
This approach minimizes token transfers, allowing the community to verify transactions through blockchain explorers.
Ongoing Updates:
As of May 6, 2025, all WEMIX purchased from Korean exchanges during Phase 1 has been fully withdrawn. Of this amount, 2,176,274.19 WEMIX has been transferred to the designated ‘Phase 2 – Korean Exchange’ wallet.
The second buyback phase is ongoing, with further updates to be shared upon completion.
The WEMIX Foundation remains committed to long-term stability and ecosystem growth, reaffirming its dedication to transparency and community trust.
CoinmarketCap : https://coinmarketcap.com/currencies/wemix/
