5 The Korean Crypto Exchange Underlies The Delisting Of The WEMIX Token, The Price Is Directly Falls!

South Korean crypto trading company delisting Wemix. (Photo; Doc. Bybit)

JAKARTA The Association of South Korean crypto exchanges, the Digital Asset eXchange Alliance (DAXA) announced the abolition of WEMIX (WEMIX) crypto tokens. DAXA consists of the largest crypto exchange in South Korea which includes Bithumb, Korbit, Upbit, Gopax, and Coinone.

While WEMIX is the original token of the game-based blockchain platform Wemade. DAXA accused the company of providing false information regarding the number of WEMIX tokens circulating in the market. On November 24, DAXA officially issued announcements regarding the delisting of WEMIX tokens on five leading crypto exchanges.

This action has made the price of the WEMIX token drop 71.6 percent in the past week. Last week WEMIX was trading at the level of Rp. 24,000 to Rp. 26,000, now the token price is in free fall and is trading at Rp. 6,837, according to data reports from Coingecko, November 28, 2022.

DAXA plans to completely stop WEMIX trading until December 8. According to a Cointelegraph report, November 25, in an investment warning issued on October 27, DAXA alleges that there are more WEMIX circulating than Wemix has revealed, and Wemix has pledged to cooperate with DAXA to reduce this concern.

In response to the news, WEMIX Communication released a statement claiming that it had sincerely responded to the requests and concerns raised by DAXA and corrected a number of issues in which they believed that the supply in circulation had been exaggerated by the group.

The WEMIX team does not recognize or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA).... It is important to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed so far, "wrote a statement from Wemix.

Previously, Henry Chang, CEO of Wemade, routinely invested part of his monthly salary into the WEMIX token eight times. In October, Chang reportedly bought around 18,928 WEMIX Classic tokens.

Wemade is known for its hit franchise The Legend of Mir, which peaked with more than 200 million registrations and includes one of the world's most popular blockchain games, Mir 4. Wemade announced on November 2 that it has raised 46 million US dollars from Microsoft, and asset management firms Kiwoom Securities and Shinhan Asset Management.

"Wemade and Wemix will continue to make efforts to attract more capital and actively invest in building a global digital economy platform," Chang was quoted as saying by Cointelegraph.

On the other hand, Wemade also plans to launch an NFT digital art trading platform and a decentralized autonomous organization DAO. Wemade has experienced significant growth in recent months.

Even so, South Korea is one of the countries that has banned Play-to-earn (P2E) type blockchain-based games. On the other hand, the elected president Yoon Suk-yeol, who is pro-crypto, announced that he planned to lift the ban.