WEMIX Takes Action to Restore Market Confidence with 10 Billion KRW Buyback After $6M Hack Disclosure

In the wake of a recent disclosure, a $6 million security breach has been suffered by Wemix Blockchain Gaming Giant.

WEMIX has however made prior moves to announce a strategic 10 billion KRW ($7.5 million) buyback plan to restore investor confidence and stabilize its market value. 

The breach, which led to the withdrawal of 8,654,860 WEMIX coins, valued at approximately 8.75 billion KRW, raised concerns about the security of WEMIX’s ecosystem, prompting immediate corrective measures. 

To mitigate the impact of the hack and reassure stakeholders, WEMIX has allocated an additional 1.25 billion KRW for the buyback initiative. 

The company’s proactive approach underscores its commitment to protecting token value and reinforcing trust within its community.

Buyback Strategy and Execution Plan

The WEMIX buyback will be executed using two primary pricing mechanisms: Time Weighted Average Price (TWAP) and Volume Weighted Average Price (VWAP). 

These methods will be applied flexibly to ensure efficient execution based on market conditions. The buyback process will be spread over a period of up to 365 days, allowing for gradual repurchasing to minimize market disruption. 

WEMIX has chosen not to disclose the specific schedule in advance to prevent speculative trading that could interfere with price stability.

However, an official announcement will be made once the buyback commences, with additional updates upon completion, including disclosure of the final buyback quantity and wallet address holding the repurchased WEMIX.

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Comprehensive Security Overhaul and Future Safeguards

Beyond financial recovery, WEMIX is undertaking a full-scale security reassessment and system improvements across its services. 

The security overhaul aims to enhance the resilience of the WEMIX ecosystem, particularly addressing vulnerabilities that led to the PLAY Bridge incident. 

The team has committed to completing these security enhancements by March 21, ensuring that all operational weaknesses are thoroughly reviewed and fortified. 

By implementing these measures, WEMIX is reinforcing its commitment to long-term ecosystem stability while demonstrating accountability to its investors and users.

Market Response and Long-Term Outlook

The announcement of the buyback and security enhancements has sparked discussions within the crypto community about the future of WEMIX. 

While short-term price fluctuations are expected, the strategic measures taken by the WEMIX team signal a strong commitment to regaining investor confidence and reinforcing the platform’s security. 

Handling of Hacks in the industry has been quite commendable recently, drawing from how Bybit on the other hand handled the $1.4B hack recently with swift actions and support from other industry participants. 

Also in the same vein, Infini founder Christian was reported to cover half of losses suffered amid the $49M hack, with personal funds to remedy the action swiftly.

Also Read: Crypto Hackers Exploit Telegram Accounts to Spread Malware Through Fake Video Call Links