South Korea’s major cryptocurrency exchanges have planned to remove gaming firm Wemade’s blockchain platform WEMIX, citing “false information” from an investment warning.
The Digital Asset eXchange Alliance (DAXA) announced on Thursday it would end support for WEMIX and cease trading on 8 December.
The warning stated that there were much greater numbers of Wemix than previously disclosed, adding the suspected cryptocurrency would collaborate with DAXA to tackle the issue.
DAXA hosts multiple platforms such as Korbit, Gopax, Bithumb, Upbeat, and Coinone. Following DAXA’s decision, WEMIX nosedived nearly 71 percent to $0.476.
WEMIX Communication later issued a statement that it had responded to DAXA’s concerns and resolved several issues in question, adding,
“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”
Wemade chief executive Henry Chang created The Legend of Mir, including Mir 4, one of the world’s top free-to-play (F2P) blockchain games.
It later stated Microsoft, Kiwoom Securities, and Shinhan Asset Management had raised $46 million for Wemade to expand its operations.
This is Gapjil!
According to Joong Ang Daily, Chang criticised the measures in a recent press statement, stating the decision had been arbitrary and unfair.
He repeated slammed the moves, stating “This is gapjil!” at the Friday conference. ‘Gapjil’ is Korean for an abuse of power.
Chang said in a recent response to the DAXA move: “Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.”
It aims to build a Web3 economy based on non-fungible tokens (NFTs) and decentralised autonomous organisations (DAOs).
Currently, South Korean authorities have banned play-to-earn blockchain games, but may potentially lift restrictions under President Yoon Suk-Yeol, who has supported crypto assets in recent history, reports show.
