WEMIX token plunges 70% after it's delisted by Korean exchanges

South Korea’s largest crypto exchanges have introduced they may delist WEMIX (WEMIX) — the native token of gaming firm Wemade’s blockchain platform Wemix — alleging the agency offered “false data” in response to an funding warning it was issued.

Bithumb, Upbeat, Coinone, Korbit and Gopax — that are a part of a collective known as the Digital Asset eXchange Alliance (DAXA) — introduced on Nov. 24 that they’d terminate contract assist for WEMIX (WEMIX), with buying and selling set to finish on Dec. 8.

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Within the funding warning issued on Oct. 27, DAXA alleged that there was significantly extra WEMIX in circulation than Wemix had disclosed, and Wemix had pledged to work with DAXA to alleviate these issues.

After information of the choice to delist broke, WEMIX Communication released an announcement, claiming it had sincerely responded to requests and issues raised by DAXA and corrected quite a few points the place they consider the circulating provide had been overstated the group, including:

“The WEMIX workforce doesn’t acknowledge or agree with the unreasonable resolution made by the Digital Asset eXchange Alliance (DAXA)… It’s essential to notice that the Basis has not circulated a single WEMIX greater than what we’ve formally disclosed to date.”

The worth of WEMIX plummeted following the information, and on the time of writing is down 70.8% with a present value of $0.476.

The CEO of Wemade, Henry Chang, has reportedly invested his month-to-month wage into the WEMIX token eight instances, together with purchasing 18,928 WEMIX Basic with an October wage this yr.

Wemade is finest recognized for its hit franchise The Legend of Mir, which peaked at over 200 million sign-ups and contains one of many world’s hottest blockchain video games, Mir 4. It announced on Nov. 2 that it had raised $46 million from Microsoft, and asset administration companies Kiwoom Securities and Shinhan Asset Administration. Chang mentioned on the time:

“Wemade and Wemix will proceed to exert efforts to draw extra capital and actively make investments to construct the worldwide digital financial system platform.”

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Wemade additionally introduced a plan to launch a brand new financial system platform that mixes nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

Whereas South Korea is likely one of the greatest gaming markets and blockchain adopters on the planet, the nation has banned play-to-earn blockchain video games.

Since being elected on March 10 in a decent race, crypto-friendly President Yoon Suk-yeol has hinted that the ban might be lifted and is trying to develop the digital asset market by overhauling “laws which are removed from actuality and unreasonable.”

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