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 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 issues.

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

“The WEMIX staff doesn’t acknowledge or agree with the unreasonable choice made by the Digital Asset eXchange Alliance (DAXA)… It is essential to notice that the Foundation has not circulated a single WEMIX greater than what now we have formally disclosed so 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 instances, together with buying 18,928 WEMIX Classic with October wage this 12 months.

Wemade is finest 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 Management. 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 economic system platform.”

Related: The rise of cellular gaming shared lots in frequent 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 likely one of the largest 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 decent 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 “laws which are removed from actuality and unreasonable.”