South Korea’s Largest Crypto Exchanges Delisted WEMIX Token Leading Its Price Dropped to 70%
South Korea’s Largest Crypto Exchanges Delisted WEMIX Token Leading Its Price Dropped to 70%.
WEMIX (WEMIX) has been delisted by the Digital Asset eXchange Alliance (DAXA) due to it providing “false information” following an investment warning issued by the gaming company Wemade.
Terminating WEMIX contract support
In a statement released on Nov. 24, Digital Asset eXchange Alliance (DAXA) announced it would terminate contract support for WEMIX. Trading on WEMIX will end on Dec. 8.
“#Statement for the community of WEMIX3.0 in response to the #unilateral #decision on #WEMIX #transaction support #termination by DAXA. Team will immediately and actively respond to the situation for #DAXA to retract their decision and maintain transaction support for WEMIX,” tweeted WEMIX.
#Statement for the community of WEMIX3.0 in response to the #unilateral #decision on #WEMIX #transaction support #termination by DAXA
Team will immediately and actively respond to the situation for #DAXA to retract their decision and maintain transaction support for WEMIX.
— WEMIX (@WemixNetwork) November 24, 2022
The investment warning published by DAXA on Oct. 27 alleged that WEMIX was in circulation significantly more than Wemix disclosed, and the company promised to work with DAXA to ease these concerns.
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According to WEMIX Communication, it had sincerely addressed the concerns and requests raised by DAXA after news of the delisting broke.
“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,” cited the blog.
WEMIX Token Price
After the news broke, WEMIX’s price dropped 70.8% and is now trading at $0.476. One Twitter user who goes with username Garlam outlined the reason why the token was delisted by the exchange.
“Biggest Korean Exchanges just announced that they’ll be delisting $WEMIX token pairs. – UPBIT – BITHUMB – COINONE. $WEMIX is a token of one of the biggest game developers in Korea called WEMADE. So why is it getting delisted?,” he said.
According to Garlam, there were 3 big red flags of WEMIX, the first one is fraud on Circulating Supply “Wemix artificially released/vested more tokens than what’s reported.”
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The next reason is due to misleading investors “falsifying information from official channels that created confusion.”
Third, there is an error in the information provided during the evaluation, “There was an evaluation period for wemix to clarify and correct the info on supply fraud and misinformation. Unfortunately, the information submitted was continuously adjusted to a point of becoming risk to retail,” he explained.
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