Five of South Korea’s leading cryptocurrency exchanges have announced that gaming company Wemade’s has been compromised due to asset allocation concerns. WEMIX announced that it will delist its token next month.
One of the country’s leading crypto exchanges Gopax, coinone, bithumb, chorbite and Upbit’s Digital Asset Exchange Alliance (DAXA), which is the union it formed, announced in its official announcement that member exchanges will delist the trading pairs of WEMIX tokens as of December 8, 2022.
Upbit, one of the member exchanges, explained the details of DAXA’s delist decision to its users in a statement on its website.
In recent months, DAXA has determined that the gaming company does not comply with the measure given in the distribution of WEMIX tokens. In addition, according to the determination, Wemade was avoiding the necessary interaction with its investors. The exchange community held a warning meeting with the project managers on October 27, 2022, to rectify the situation.
According to Upbit officials, although the WEMIX team promised DAXA to fix the token distribution, the expected progress on the project did not materialize after a month. DAXA also found that the information the project team gave them was not entirely correct.
WEMIX developers stated in their statement after the delist news that the decision made was “irrational”.
WEMIX Officially Crashed!
WEMIX, which is also on the platform of giants such as Kucoin, Gate.io, Huobi and OKX, fell hard after the decision of Korean exchanges.
WEMIX has lost 71% of its value in one day, falling from $1.65 to $0.45 on the delist news.
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