After Being Delisted From Korean Exchanges, the Price of the WEMIX Token Dropped by 70%

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Last Updated on November 25, 2022 by Bitfinsider

The main cryptocurrency exchanges in South Korea have declared that they will delist WEMIX (WEMIX), the native token of gaming company Wemade’s blockchain platform Wemix, on the grounds that the company gave “false information” in response to an investment alert.

Bithumb, Upbeat, Coinone, Korbit, and Gopax, which are members of the Digital Asset eXchange Alliance (DAXA), said on November 24 that they would suspend contract support for WEMIX (WEMIX) on December 8.

Wemix had agreed to engage with DAXA to allay these worries in the October 27 investment alert.

After the decision to delist was made public, WEMIX Communication produced a statement in which they said they had replied to DAXA’s requests and concerns and fixed a number of situations where they believed the group’s circulating supply had been overestimated.

The price of WEMIX has decreased by 70.8% to $0.476 as of the time of this writing, following the release of the news.

Henry Chang, the CEO of Wemade, is rumored to have invested his monthly income in the WEMIX token eight times, including the purchase of 18,928 WEMIX Classic with his October pay this year.

Wemade is primarily known for its blockbuster franchise The Legend of Mir, which peaked with over 200 million sign-ups and features one of the most popular blockchain games in the world, Mir 4. It stated on November 2 that Microsoft, Kiwoom Securities, and Shinhan Asset Management had provided $46 million in funding.

Wemade has also declared its intention to launch a new economy platform that mixes nonfungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

South Korea has outlawed play-to-earn blockchain games despite being one of the world’s largest gaming markets and blockchain adopters.

Since his election on March 10 in a close contest, crypto-friendly President Yoon Suk-yeol has hinted that the prohibition could be overturned and expressed a desire to expand the virtual asset market by revising “unrealistic and illogical rules.”

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