South Korea’s largest cryptocurrency exchanges have announced the delisting of WEMIX (WEMIX), the native token of gaming company Wemade’s Wemix blockchain platform, alleging that the firm provided “false information” in response to an investment warning that was issued.
Bithumb, Upbeat, Coinone, Korbit, and Gopax, part of a collective called the Digital Asset eXchange Alliance (DAXA), announced on Nov. 24 that they were ending contract support for WEMIX, with trading due to close on Dec. 8.
In an investment warning issued on October 27, DAXA claimed that there was significantly more WEMIX in circulation than Wemix disclosed, and Wemix promised to work with DAXA to allay those concerns.
Following the announcement of the delisting decision, WEMIX Communication released a statement claiming that it had sincerely responded to queries and concerns raised by DAXA and corrected a number of issues where they believed the negotiable offer was overpriced. for a group by adding:
“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset Exchange Alliance (DAXA)… It is important to note that the Foundation has not distributed any more WEMIX than we have officially disclosed so far. ”
The price of WEMIX fell sharply following the news and is down 70.8% at the time of writing from a current price of $0.476.
Wemade CEO Henry Chang has reportedly invested his monthly salary in the WEMIX token eight times, including purchasing 18,928 WEMIX Classic with October salary this year.
Wemade is best known for its popular The Legend of Mir franchise, which has peaked at over 200 million registrations and includes one of the world’s most popular blockchain games, Mir 4. On November 2, the company announced that it had raised $46 million from Microsoft. and asset management firms Kiwoom Securities and Shinhan Asset Management. Chang then said:
“Wemade and Wemix will continue to make efforts to raise more capital and actively invest in building a platform for the global digital economy.”
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Wemade also announced a plan to release a new economic platform that combines non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
While South Korea is one of the largest gaming markets and proponents of blockchain in the world, play-to-earn (P2E) blockchain games are banned in the country.
Since being elected on March 10 in a tight race, crypto-friendly President Yoon Seok-yeol has hinted that the ban could be lifted and hopes to boost the virtual asset market by revisiting “rules that are far from reality and unfounded.”