HomeCryptoWEMIX token plunges 70% after it is delisted by Korean exchanges |...

WEMIX token plunges 70% after it is delisted by Korean exchanges | NEWSRUX

South Korea’s largest crypto exchanges have introduced they’ll delist WEMIX (WEMIX) — the native token of gaming firm Wemade’s blockchain platform Wemix — alleging the agency supplied “false info” 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’d terminate contract help for WEMIX, with buying and selling set to finish on Dec. 8.

Within 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 issues.

After information of the choice to delist broke, WEMIX Communication launched a press release claiming it had sincerely responded to requests and issues raised by DAXA and corrected numerous 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 have now formally disclosed up to now.”

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 occasions, together with buying 18,928 WEMIX Traditional with October wage this 12 months.

Wemade is greatest recognized 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 introduced on Nov. 2 that it had raised $46 million from Microsoft, and asset administration companies Kiwoom Securities and Shinhan Asset Administration. Chang stated 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 which mixes non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

Whereas South Korea is among the greatest gaming markets and blockchain adopters on the earth, the nation has banned play-to-earn (P2E) blockchain video games.

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