$WEMIX will be delisted from four South Korean cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit) due to inaccurate circulation numbers.
WeMade’s blockchain empire is at risk following decisions to delist $WEMIX
Blockchain gaming giant WeMade is in trouble as South Korean exchanges consider delisting the P2E token $WEMIX.
Notably, four domestic cryptocurrency exchanges – Upbit, Bithumb, Coinone, and Korbit – will delist the token from their platforms in December, citing inaccurate circulation numbers.
WeMade shares fell more than 30% on Friday, while $WEMIX fell more than 70%. Other subsidiaries listed on KOSDAQ were also hit as WeMade Max dropped 29.92% and WeMade Play dropped 29.93%.
The four cryptocurrency exchanges mentioned above are part of the Digital Asset eXchange Association (DAXA), a joint cryptocurrency market watchdog in South Korea. It all started in October when these four entities added $WEMIX to their “investment warning” list.
WeMade originally provided Upbit with an estimate of around 245 million tokens in circulation in January. Upon further checking, the actual number of tokens in circulation by October 25th exceeded estimates by over 72 million.
At the time, WeMade explained that it had made a mistake to exclude the mainnet liquidity pool, deposits for borrowing, and the $WEMIX token issued for the purpose of expanding the ecosystem. These tokens were stored in the Foundation’s wallet. As such, the company believed that these assets should not be included in the circulation.
But their explanation didn’t help. After a one-month grace period, DAXA member exchanges decided to delist $WEMIX anyway. The agency says it continues to find errors in data submitted by WeMade, ultimately resulting in a loss of credibility.
In response, the company released a lengthy statement defending its earlier disclosure. WeMade claims it has submitted enough data to explain the discrepancies, adding that it does not have more $WEMIX in circulation than it officially disclosed. We are considering filing injunctions against the four exchanges to reverse their decommissioning announcements.
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