WEMIX token plunges 70% after it's delisted by Korean exchanges

South Korea’s largest crypto exchanges person announced they volition delist WEMIX (WEMIX) — the autochthonal token of gaming institution Wemade’s blockchain level Wemix — alleging the steadfast provided “false information” successful effect to an concern informing it was issued.

Bithumb, Upbeat, Coinone, Korbit and Gopax — which are portion of a corporate called the Digital Asset eXchange Alliance (DAXA) — announced connected Nov. 24 that they would terminate declaration enactment for WEMIX, with trading acceptable to extremity connected Dec. 8.

In the concern informing issued Oct. 27, DAXA alleged that determination was considerably much WEMIX successful circulation than Wemix had disclosed, and Wemix had pledged to enactment with DAXA to alleviate these concerns.

After quality of the determination to delist broke, WEMIX Communication released a connection claiming it had sincerely responded to requests and concerns raised by DAXA and corrected a fig of issues wherever they judge the circulating proviso had been overstated the group, adding:

“The WEMIX squad does not admit oregon hold with the unreasonable determination made by the Digital Asset eXchange Alliance (DAXA)... It is important to enactment that the Foundation has not circulated a azygous WEMIX much than what we person officially disclosed frankincense far.”

The terms of WEMIX plummeted pursuing the news, and astatine the clip of penning is down 70.8% with a existent terms of $0.476.

The CEO of Wemade Henry Chang has reportedly invested his monthly wage into the WEMIX token 8 times, including purchasing 18,928 WEMIX Classic with October wage this year.

Wemade is champion known for its deed franchise The Legend of Mir which peaked astatine implicit 200 cardinal motion ups and includes 1 of the world’s astir fashionable blockchain games, Mir 4. It announced connected Nov. 2 that it had raised $46 cardinal from Microsoft, and plus absorption firms Kiwoom Securities and Shinhan Asset Management. Chang said astatine the time:

“Wemade and Wemix volition proceed to exert efforts to pull much superior and actively put to physique the planetary integer system platform.”

Related: The emergence of mobile gaming shared a batch successful communal with crypto gaming

Wemade besides announced a program to merchandise a caller system level which combines non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

While South Korea is 1 of the biggest gaming markets and blockchain adopters successful the world, the state has banned play-to-earn (P2E) blockchain games.

Since being elected connected Mar. 10 successful a choky race, crypto-friendly President Yoon Suk-yeol has hinted that the prohibition could beryllium lifted and is looking to turn the virtual plus marketplace by overhauling “regulations that are acold from world and unreasonable.”