Wemix Delisting Injunction Hearing Concludes... Court to Decide by the 30th

A fierce legal battle unfolded over the legitimacy of the delisting decision between the Wemix Foundation and the Digital Asset Exchange Joint Consultative Body (DAXA) member exchanges. The core issues are whether the hacking incident and disclosure delays constitute grounds for terminating the trading support contract, and who bears the burden of proof.

According to industry sources on the 23rd, the Seoul Central District Court's Civil Agreement Division 50 (Chief Judge Kim Sang-hoon) concluded the first hearing of the injunction case filed by Wemade against Bithumb, Coinone, Korbit, and Gopax to suspend the effect of the trading support. The court announced that it would reach a decision by the 30th.

On this day, Wemade, represented by Kim & Chang, argued that a trading support contract worth 19.8 billion KRW had been signed, and that clear reasons and proof were necessary for unilateral termination. They claimed that the hacking itself is unlikely to be a reason for delisting and that criticism for not disclosing in a timely manner was due to changes in post-guidelines.

On the other hand, the exchanges countered that the disclosure delay and inadequate response to the hacking posed a significant threat to investor protection. They particularly pointed out that unlike the past Gala (GALA) hacking case, Wemix lacked immediate response and information disclosure. They also emphasized that the termination of trading support was a legitimate procedure following internal reviews by each company.

The court's decision is expected before the scheduled implementation of Wemix's delisting on June 2. If the injunction is granted, the delisting decision will be suspended during the main lawsuit, and trading will continue. Conversely, if dismissed, Wemix trading will be halted on the four exchanges from June 2, and withdrawals will be blocked from July 2.

Meanwhile, in February, approximately 8.65 million Wemix coins were stolen through hacking from Wemix's own service 'Play Bridge'. This amounted to about 8.8 billion KRW at the time. Wemix announced the hacking to the community on March 4, leading to controversy over 'delayed disclosure'. Subsequently, DAXA extended the designation of Wemix as a trading caution item twice in March and April and discussed whether to support trading, but decided to delist after considering the severity of the situation.