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WEMIX price plunges 77% after South Korea’s crypto exchanges threaten to delist it

WEMIX price plunges 77% after South Korea’s crypto exchanges threaten to delist it

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The largest crypto exchanges in South Korea have announced that the number of WEMIX tokens in circulation exceeds the number announced by Wemix.

Key takeaways

  • On November 24th, South Korea’s major crypto exchanges announced that they would end contract support for WEMIX.
  • At press time, the WEMIX token was valued at $0.3578 after a 77.12% drop in 24 hours.
  • The exchanges had issued an investment warning on October 27, claiming that there was more WEMIX in circulation than Wemix had disclosed.

Wemix’s alleged misrepresentations

Bithumb, Upbeat, Coinone, Korbit and Gopax, which are part of a collection of South Korea’s largest cryptocurrency exchanges called the Digital Asset eXchange Alliance (DAXA), announced yesterday (November 24) that they will be delisting the WEMIX token. DAXA alleged that Wemix, the company behind the WEMIX token, provided false information in response to an investment warning issued by DAXA in October.

According to DAXA’s announcement, WEMIX trading will end on December 8, 2022.

On October 27, DAXA issued an investment alert claiming that there were more WEMIX tokens in circulation than Wemix had disclosed. In response to the allegations, Wemix had promised to work with DAXA to alleviate concerns.

Wemix’s answer

Immediately after the delisting news was announced, Wemix Communication released a statement claiming that it had responded to the concerns raised by DAXA and fixed several issues with the circulation offering, the team said:

“The WEMIX team does not acknowledge or condone the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is important to note that the foundation has not distributed any WEMIX beyond what we have officially disclosed to date.”

Unfortunately, the market had already responded to the delisting news and the WEMIX token dropped over 70% within minutes of the news and is still going down.

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