Restoring Confidence: Wemade’s Response to Playbridge Incident

In a move aimed at restoring confidence following the Playbridge hacking incident, Wemade has successfully concluded its initial buyback program for its virtual asset, WEMIX. The company has also commenced a second, more substantial buyback initiative, signaling a strong commitment to the WEMIX ecosystem.

First Buyback Details: Openness and Verification

Wemade officially announced on May 15th the completion of the first buyback, totaling 1 million WEMIX tokens. To ensure transparency and accountability, the process was meticulously verified by Daeju accounting Firm, which also issued an Agreed-Upon Procedures (AUP) report.

The buyback involved purchasing approximately 700,000 WEMIX tokens thru domestic exchanges at a cost of ₩73.332 million (approximately $55,000 USD based on current exchange rates). An additional 300,000 tokens were acquired via overseas exchanges for ₩2.93 billion (approximately $2.2 million USD).The reported costs also include tether (USDT) transfer fees and sales differences.

According to recent data from CoinMarketCap, buyback programs can positively influence investor sentiment and perhaps stabilize or increase the value of a cryptocurrency. For example, Binance’s quarterly BNB burns, which effectively reduce the token supply, have historically correlated with price increases.

Secure Storage and Blockchain Transparency

wemade emphasizes its commitment to transparency by storing the repurchased WEMIX tokens in separate wallets, categorized by purchase time and exchange. the company stated, We will maintain transparency so that the community can directly check the transaction details through the blockchain Explorer. This allows community members to independently verify the transactions and confirm the buyback’s execution.

Second Buyback: A Significant Investment

Building upon the initial buyback,Wemade is undertaking a second buyback program targeting 20 million WEMIX tokens.As of now, 2.17 million tokens acquired through domestic exchanges have already been transferred to a dedicated wallet. Wemade plans to release further details upon completion of this second phase.

Commitment to the WEMIX Ecosystem

Wemade’s actions underscore its dedication to the long-term health and stability of the WEMIX ecosystem. The company aims to respond to the end of the domestic exchange’s transaction support, and we will secure the trust and asset transparency of the WeMix ecosystem. This proactive approach is crucial for maintaining investor confidence and fostering lasting growth.