Home CryptocurrencyAltcoin The WEMIX token plunged 70% after it was delisted from Korean exchanges

The WEMIX token plunged 70% after it was delisted from Korean exchanges

by SuperiorInvest

South Korea’s largest crypto exchange has announced that it will delist WEMIX (WEMIX) – the native token of gaming company Wemade’s blockchain platform Wemix – claiming that the firm provided “false information” in response to an investment warning that was 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 contractual support for WEMIX, with trading ending on December 8.

In an investment warning issued on October 27, DAXA claimed that there was significantly more WEMIX in circulation than Wemix had disclosed, and Wemix pledged to work with DAXA to alleviate those concerns.

After news of the removal decision emerged, WEMIX Communication released statement declaring that it had responded sincerely to the demands and concerns raised by DAXA and had corrected a number of issues where it believed circulating supplies had been overstated by the group, adding:

“The WEMIX team does not acknowledge or agree with the unreasonable decision of the Digital Asset eXchange Alliance (DAXA)… It is important to note that the foundation has not sent out one more WEMIX than we have officially disclosed so far. “

The price of WEMIX plummeted following the news, and is down 70.8% at the time of writing, with a current price of $0.476.

Wemade CEO Henry Chang reportedly invested his monthly salary in the WEMIX token eight times, inclusive purchase 18,928 WEMIX Classic with October salary this year.

Wemade is best known for its hit series The Legend of Mir, which peaked at over 200 million registrations and includes one of the most popular blockchain games in the world, Mir 4. announced on Nov. 2 that it had raised $46 million from Microsoft and asset management firms Kiwoom Securities and Shinhan Asset Management. Chang said at the time:

“Wemade and Wemix will continue to seek to attract more capital and actively invest in building a global digital economy platform.”

Related: The rise of mobile gaming has a lot to do with crypto gaming

Wemade also announced plans to release a new economic platform that combines non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

While South Korea is one of the the biggest gaming markets and blockchain adopters in the world my country banned play-to-earn (P2E) blockchain games.

Since the election on March 10, in a close fight crypto-friendly president Yoon Suk-yeol hinted that the ban could be lifted and seeks to expand the virtual asset market by overhauling “regulations that are far from reality and unreasonable”.

Source Link

Related Posts

%d bloggers like this: