Altcoin Delisted by Exchanges Has Been Responded to Court: Volatility Is Too High!

According to Yonhap’s report, a court in Seoul, South Korea, Wemix (WEMIX) altcoin four south korea cryptocurrency Following its delisting, the metaverse project rejected the appeal made by Wemade.

In November, Upbit, Bithumb, Coinone, and Korbit said the token would be delisted, causing the $287 million market cap to evaporate as the coin dropped from $1.55 to $0.46.

South Korean Exchanges Delisted WEMIX Altcoin

The report states that the exchanges that make up the Digital Asset eXchange Association (DAXA) said that Wemix was delisted due to inaccuracies in the circulating supply figures.

Wemade requested injunctive relief against the exchanges, stating that the decision was based on unclear grounds and hurt investors.

However, the court rejected that request on Wednesday.

South Korea has quickly become the center of metaverse technology this year, and the government has announced it will invest $200 million across the industry. Wemix was one of the companies that benefited from the government’s bullish approach, reaching a market cap of $2.99 ​​billion as interest grew.

After this decision of the court, another blow was dealt to the altcoin and the price of the coin has lost more than 35% in the last 24 hours.

In October, Upbit placed Wemix on its “warning list” following the release of erroneous token data.

Similarly, in the statement made by Upbit today, a warning was issued for the Waves altcoin. The depeg of the USDN stablecoin was cited as the reason for Waves’ warning. Similarly, there was a depreciation in WAVES.

*Not investment advice.