The CEO of Wemade Has Decided to Pursue Legal Action in Response to the Impending Delisting of the Company’s Cryptocurrency WEMIX

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Last Updated on November 27, 2022 by Bitfinsider

Chang Hyun-guk, CEO of Korean game publisher Wemade Co., said on Friday that the company’s cryptocurrency, Wemix, will be delisted from major Korean cryptocurrency exchanges.

The announcement comes a day after the Digital Asset eXchange Association, an alliance comprised of Upbit, Bithumb, Coinone, Korbit, and Gopax, stated that they will discontinue transaction support for Wemix, a cryptocurrency controlled by Wemade, on December 8.

They claimed that Wemix misled them about the projected number of tokens in circulation and the actual number in circulation.

“We will take all steps, including legal action,” Chang declared during an online press conference. “We are now ready to pursue a judicial injunction.”

Wemix, which debuted in 2020 as Wemade’s gaming platform token, is now traded on Upbit, Bithumb, Coinone, and Korbit. Wemix was not available on the Gopax cryptocurrency exchange.

Chang said that the DAXA decision was made in an unfair and opaque manner since the firm was not given an opportunity to respond to DAXA and its CEO Upbit.

“We’d contacted Upbit for its recommendations on the amount of tokens in the market, but it has stayed mute,” said Wemade’s CEO, the developer of the play-to-earn game “MIR4 Global.” “It did not notify us of the decision to delist our token or what we needed to fix.”

However, he stated that his business is now in negotiations with global crypto exchange operators, such as the American platform Coinbase, about trading Wemix.

“The expected delisting on Korean crypto exchanges will have a limited impact on the company’s overall business because the majority of our portfolios have already spread abroad,” Chung explained. “We will shortly inform worldwide cryptocurrency marketplaces such as Coinbase about our listing.”

As of 11:20 a.m. on Friday, Wemix was trading at 747 won ($0.50) on local crypto exchanges, down over 70% from the previous day’s high of 2,430 won.

Its market capitalization fell to 149.3 billion won on Friday, down from 3.6 trillion won in November.

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