Wemix Decides on 10 Billion Won Buyback to Address Hacking Incident

# Wemade's WEMIX Team Announces $8 Million Buyback to Restore Trust Following Hack Wemade’s WEMIX team is initiating a $8 million buyback to mitigate market impact and restore trust following a recent hacking incident. According to industry sources on the 14th, Wemade announced on their official blog that they will undertake a buyback of 8,654,860 WEMIX coins, which were stolen on the 28th of last month, valuating them at approximately 8.75 billion won (around $6.6 million) based on the then market price. They will add an additional 1.25 billion won (approximately $940,000), bringing the total buyback value to 10 billion won ($7.5 million). # Buyback Mechanism The buyback will employ a strategy combining time-weighted average price (TWAP) orders and volume-weighted average price (VWAP) orders, depending on market conditions. # Confidential Timing and Extended Duration Wemade won't disclose the exact start date of the buyback to avoid influencing market volatility and will provide updates post-initiation. Details on the exchanges involved in the buyback will also be shared later. The buyback period is set to last up to one year. # Focus on Market Stability The WEMIX team stated, "The buyback period is structured to prevent the activity from being misconstrued as market price manipulation and to minimize short-term speculatory trading." They also emphasized, "We plan to execute the buyback as swiftly as possible, considering the market situation." In addition, the WEMIX team is conducting comprehensive security reviews and improvements to bolster their services, aiming for completion by the 21st.