Korean Game Publisher, Wemade is taking legal action against DAXA after its Wemix coin is delisted on major crypto exchanges in Korea. The CEO, Chang Hyun-guk called the decision “arbitrary and unfair”.
Why did DAXA Delist Wemix?
The Digital Asset eXchange Association (DAXA) is an alliance representing five Korean exchanges: Upbit, Bithumb, Coinone, Korbit and Gopax. Together, the alliance decided to delist Wemix, Wemade’s own coin, from December 8th. As to why, DAXA claim Wemade provided false information regarding the total number of tokens in circulation.
In response to these allegations, Chang Hyun-guk stated, “We will take all measures, including legal action, to bring all things back[…] Now we are preparing to file for a court injunction”.
Moreover, he also claimed DAXA did not provide him with a reason for delisting Wemix, nor a chance to improve the likelihood of relisting.
What is Wemix Token?
Originally launched in 2020, Wemix is Wemade’s gaming platform token. The token is the backbone of many blockchain games including; Anipang Coins, Anipang Blast, Kingdom Hunters and Riders of Icarus. Players can use this token in-game or trade it on exchanges.
What does this mean for Wemix Games?
So far, the token has already tumbled in price by about 70%. However, this is unsurprising, as most of Wemix’s users are Korean. For now at least, the Korean market is out-of-reach for the play-to-earn publisher.
That said, all is not lost. Apparently, Wemade is conferring with foreign crypto exchanges such as Coinbase. Undoubtedly, it will also reach out to other successful world exchanges too.
“The planned delisting in the Korean crypto exchanges will have limited impact on the company’s entire business as most of our portfolios have already expanded globally,” Chang added.
With so many blockchain games on the line, both Wemade and the gamers using wemix token certainly hope so.