Microsoft-Backed WEMIX Delisted By Korean Exchanges
- The Digital Asset Exhange Alliance (DAXA), which includes the five major exchanges in South Korea, have delisted the WEMIX token after the the price of the same collapsed by huge lengths as well.
- Upbit, Bithumb, Coinone, Korbit, and Gopax have all delisted and claim that the blockchain project did not provide accurate data and spread “false information” in response to an investment warning.
- Following the Terra LUNA meltdown and the bankruptcy of FTX, South Korean authorities are proposing amendments to the Digital Assets Bill so that greater control over the space can be attained.
- Additionally, Wemix had raised $46 million from Microsoft, and asset management firms Kiwoom Securities and Shinhan Asset Management.
The five major exchanges in South Korea, Upbit, Bithumb, Coinone, Korbit, and Gopax, have all announced that they will be delisting the WEMIX token, a blockchain-based cryptocurrency of gaming firm Wemade’s blockchain platform Wemix. The exchanges claim that the firm did not provide accurate data and spread “false information” in response to an investment warning that was issued.
The Digital Asset Exchange Alliance (DAXA), which includes these five major exchanges, has delisted the WEMIX token after its price collapsed by huge heights as well.
Additionally, Wemix had raised $46 million from Microsoft, and asset management firms Kiwoom Securities and Shinhan Asset Management, as per a Nov. 4 announcement.
The announcement regarding the same was made on Nov. 24, and as per a report, each exchange’s statement read, “The distribution amount exceeding the distribution plan submitted by Wemix to DAXA is a considerable amount of over-circulation at the time of designation as a warning issue, and it was judged that the degree was significant.”
As per the report, the exchanges said that Wemix provided false information via Medium and DART, which stands for Data Analysis, Retrieval, and Transfer. The exchanges will end the contract support for the token, and the trading of the same is set to end on Dec. 8. In October, DAXA revealed several concerns regarding the token, and the blockchain platform pledged to work with the association so that these concerns could be alleviated.
DAXA said that “various errors were found in the data submitted during the explanatory period” and added that “Wemix’s transaction support will be terminated to protect investors.”
On the other hand, the blockchain platform issued the following statement:
“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.”
It is clear that the price of the token has plunged almost 80% in the last 24 hours, and at the time of writing, the price of 1 WEMIX is around $0.3354, which is 98.57% lower than its all-time high noted on Nov. 21, 2021, at a price of $24.68.
The South Korean authorities have become quite strict when it comes to the implementation of laws regulating the crypto sector. As per local media outlet News 1, following the Terra LUNA meltdown and the bankruptcy of FTX, South Korean authorities are proposing amendments to the Digital Assets Bill so that greater control over the space can be attained.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
