South Korean Crypto Exchanges Delist WEMIX — Token Price Plunges by Nearly 70% – Exchanges Bitcoin News
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The Digital Asset Exchange Joint Consultative Body (DAXA), South Korea’s cryptocurrency exchange association, announced on November 24 that the WEMIX token will be delisted. After justifying the decision to remove WEMIX, the organization claimed that the information provided by the token’s issuer, Wemade, is false and has confused investors.
Conflict between WEMIX recyclable supply and token distribution plan
The Digital Asset Exchange Joint Consultative Body (DAXA), South Korea’s association of cryptocurrency exchanges, announced on November 24 that gaming platform Wemade’s token – WEMIX – would be delisted. According to DAXA, the decision to remove WEMIX was made after the association claimed to have found a discrepancy between the token’s supply in circulation and the delivered distribution plan.
The announcement by DAXA, which consists of five crypto exchanges namely Bithumb, Coinone, Gopax, Korbit and Upbit, came just days after some local media suggested that the delisting decision would be revealed on November 17. , Wemade CEO Henry Chang told token holders that removing WEMIX was not possible.
However, according to the Hankyung publication, members of the DAXA association eventually decided to remove the token from the respective platforms.
“The amount of distribution in excess of the distribution plan provided by Wemix to DAXA is a significant amount of over-circulation at the time of designation as a warning issue and the degree was considered significant,” DAXA said.
In addition, the association accuses Wemade of spreading false information and confusing investors by publishing unconfirmed information about WEMIX’s listing.
At the time of writing (November 24 at 3:00 PM EST), WEMIX was down nearly 70% to $0.488, while the token’s 24-hour trading volumes were just over $540 million. Meanwhile, DAXA announced that “Wemix transaction support will be terminated on December 8 to protect investors.”
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