Wemix Initiates '10 Billion Won' Buyback Program... Purchase Period Set for '1 Year'

Wemix (WEMIX), which recently suffered a hacking incident, is initiating a 10 billion won buyback program for Wemix coins.

On the 13th, Wemix announced through its official website, "A 10 billion won Wemix coin buyback program will be implemented," adding that "the purpose is to mitigate market impact from the Wemix Play Bridge asset theft and restore market confidence to enhance Wemix value." Wemix suffered damages of approximately 9 billion won from a hack late last month.

The coin purchase scale is 10 billion won. Wemix stated, "The amount of stolen Wemix was 8,654,860 coins, equivalent to approximately 8.75 billion won," and added, "We will implement a total buyback of 10 billion won by adding approximately 1.25 billion won."

The buyback will use two methods: time-weighted average and volume-weighted average approaches. Wemix explained, "For more effective implementation, we will use both methods in parallel depending on market conditions."

The purchase period is set for a maximum of one year. The start date for the buyback has not been disclosed. Wemix stated, "Considering the potential side effects due to market volatility, the buyback start date will not be announced in advance," adding, "We have set a maximum implementation period to minimize the risk of being perceived as market price manipulation and to prevent short-term traders from undermining the purpose of the buyback." They further added, "We plan to proceed as quickly as possible while eliminating these risks."