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Tuesday, December 6, 2022

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

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

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

In the funding warning issued 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 considerations.

After information of the choice to delist broke, WEMIX Communication released a press release claiming it had sincerely responded to requests and considerations raised by DAXA and corrected a lot of points the place they imagine the circulating provide had been overstated the group, including:

“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 circulated a single WEMIX more than what we have officially disclosed thus far.”

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

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

Wemade is finest identified for its hit franchise The Legend of Mir which peaked at over 200 million signal ups and consists of 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 Management. Chang stated on the time:

“Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”

Related: The rise of mobile gaming shared a lot in common with crypto gaming

Wemade additionally introduced a plan to launch a brand new economic system platform which mixes non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

While South Korea is among the biggest gaming markets and blockchain adopters on this planet, the nation has banned play-to-earn (P2E) blockchain games.

Since being elected on Mar. 10 in a good race, crypto-friendly President Yoon Suk-yeol has hinted that the ban could possibly be lifted and is trying to develop the digital asset market by overhauling “regulations that are far from reality and unreasonable.”