South Korea’s largest cryptocurrency exchanges have announced that they will delist WEMIX (WEMIX) – the native token of gaming company Wemade’s Wemix blockchain platform – alleging that the firm provided “false information” in response to an inquiry. reversal advisory issued.
Bithumb, Upbeat, Coinone, Korbit and Gopax – which are part of a collective called the Digital Asset eXchange Alliance (DAXA) – announced on November 24 that they would end their contract to support WEMIX, and that the negotiation would end on December 8. .
In the investment advisory issued on October 27, DAXA claimed that there was much more WEMIX in circulation than Wemix had disclosed, and Wemix had committed to working with DAXA to alleviate these concerns.
Following the news of the exclusion decision, WEMIX Communication issued a statement stating that it had sincerely responded to the requests and concerns raised by DAXA and had corrected a number of issues where it believed the group had overstated the offering in circulation, adding:
“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not released a single WEMIX more than what we have disclosed officially until now.”
WEMIX price plunged on the news, and at the time of writing is down 70.8% with a current price of $0.476.
The CEO of Wemade, Henry Chang, has allegedly invested his monthly salary in the WEMIX token eight times, including the purchase of 18,928 WEMIX Classic with the salary of October this year.
Wemade is best known for its hit franchise The Legend of Mir, which has peaked at 200 million registrations and includes one of the most popular blockchain games in the world, Mir 4. On November 2, it announced that it had secured $46 million from Microsoft and asset management firms Kiwoom Securities and Shinhan Asset Management. Chang then said:
“Wemade and Wemix will continue to strive to attract more capital and actively invest to build the global digital economy platform.”
Wemade also announced a plan to launch a new economy platform combining NFTs (non-fungible tokens) and decentralized autonomous organizations (DAOs).
Although South Korea is one of the largest gaming marketplaces and blockchain adopters in the world, the country has banned “play to win” (P2E) model blockchain games.
Since he was elected on March 10 in a close election, President Yoon Suk-yeol, a cryptocurrency supporter, has hinted that the ban could be lifted and is looking to grow the virtual asset market by overhauling “regulations that are far from reality and unreasonable.”
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