Wemade Appeals Against Court Order on Delisting of Microsoft-backed WEMIX
- Wemade, a gaming company, filed an appeal against a court for rejecting its request to block the delisting of the WEMIX token.
- The price of the WEMIX token jumped 1.26% in the last 24 hours and is price at $0.433937 at the time of writing.
- Wemix (WEMIX) raised $46 million from Microsoft, and asset management firms Kiwoom Securities and Shinhan Asset Management.
- Wemade claims that the exchanges are abusing their power and did not provide proper guidelines.
Recently, the big five major crypto exchanges in South Korea, one of the fastest-growing crypto hubs in the world, Upbit, Bithumb, Coinone, Korbit, and Gopax, which form the Digital Asset eXchange Alliance (DAXA), decided to delist the WEMIX token, a crypto coin that is backed by tech giant Microsoft. Interestingly, the company behind the token, Wemade, has filed an appeal against a court for its decision of refusal of the company’s request to suspend the delisting of the token from exchanges.
Wemade filed an immediate appeal against the court’s decision on Tuesday and as per the law in South Korea, such an appeal grants a complaint to be filed to a lower court within one week from the decision of the court. Meanwhile, the big five exchanges decided to delist the crypto coin in November and cited misreporting of total token circulation data as the reason for doing so.
On the other hand, Wemade, a gaming company, filed injunctions against all the exchanges for doing so which were dismissed by a Seoul court last week. However, the WEMIX token was finally removed from all the platforms on Dec. 8, and the as a result, the company’s shares and cryptocurrency values plunged, causing losses to the investors as well, who sold their holdings at lower prices.
It is crucial to note that Wemade has stated in its argument that Upbit, Bithumb, Coinone, Korbit, and Gopax have abused their powers and cornered the firm. The gaming company also claims that the exchanges did not provide proper guidelines to crypto firms which is the basis of the DAXA delisting the WEMIX token.
Interestingly, Wemix (WEMIX) had raised $46 million from Microsoft, and asset management firms Kiwoom Securities and Shinhan Asset Management, as per a Nov. 4 announcement and as a result, it attracted investors from different backgrounds.
Meanwhile, Wemade has listed the WEMIX token on GDAC, another local crypto exchange that currently only serves token-to-token transactions while the big five exchanges also provide token-to-fiat on and off-ramps.
In November, when the exchanges announced the delisting of the crypto coin, WEMIX price plunged as investors hurridly sold off their holdings. However, Wemade announced that it will be burning off $10 million worth of tokens in an attempt to recover the price of the token.
Wemade is a well-known gaming firm created in 2000 and enjoyed success with the help of “The Legend of Mir 2.” The company has recently adopted blockchain into its games and as a result, created play-to-earn MMORPG game MIR4 Global, which had over 1.4 million concurrent users last year.
Additionally, following the announcement of the appeal, the price of the WEMIX token jumped 1.26% in the last 24 hours and is price at $0.433937 at the time of writing.
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.
