WEMIX is removed from South Korean cryptocurrency exchanges; the token price falls by about 70%.
The WEMIX coin will be delisted, according to a Nov. 24 announcement by the South Korean association of cryptocurrency exchanges known as DAXA (Digital Asset Exchange Joint Consultative Body).
The association argued that the information provided by the token's issuer, Wemade, is inaccurate and has misled investors to support its decision to delist WEMIX.
Inconsistency in the WEMIX Circulating Supply and Token Distribution Plan
The WEMIX token from the gaming platform Wemade will be delisted, according to a group of South Korean cryptocurrency exchanges called the Digital Asset Exchange Joint Consultative Body (DAXA), which announced on Nov. 24. The association allegedly discovered a difference between the token's circulating quantity and the stated distribution plan before deciding to delist WEMIX, according to DAXA.
The delisting decision was announced by DAXA, which is made up of five cryptocurrency exchanges: Bithumb, Coinone, Gopax, Korbit, and Upbit, just days after some local media reports predicted it would be made public on November 17. Henry
Chang, the CEO of Wemade, reportedly informed token holders at the time that WEMIX's delisting was not a possibility.
The DAXA association members ultimately chose to remove the token from the relevant platforms, according to the Hankyung publication.
At the time of identification as a warning issue, the distribution amount exceeded the distribution plan that Wemix had provided to DAXA, and it was determined that the degree was significant, according to DAXA.
The group also charges Wemade with disseminating incorrect information and perplexing investors by divulging unverified details regarding the listing status of WEMIX.
WEMIX was down nearly 70% to $0.488 at the time of writing (Nov. 24, 3:00 p.m. EST), and its 24-hour trading volume was slightly over $540 million. Remix's transaction assistance will end on December 8 in order to protect investors, according to DAXA.
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Bithumb, Cryptocurrency Exchange, Digital Asset Exchange Joint Consultative Body (DAXA), Henry Chang, Korbit, traded volumes, upbit, wemix
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