WeMade Stock Drops 30% After Local Exchanges Announce $WEMIX Token Delisting

$WEMIX will be delisted from four crypto exchanges in South Korea - Upbit, Bithumb, Coinone, and Korbit - on the grounds of inaccurate circulation numbers.

Nov 27, 2022
by Akira Ming
WeMade Stock Drops 30% After Local Exchanges Announce $WEMIX Token Delisting
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WeMade's blockchain empire is at risk following decisions to delist $WEMIX

Blockchain gaming giant WeMade is in a tight spot after multiple exchanges in South Korea are looking to delist its P2E token, $WEMIX

Notably, four crypto exchanges in the country - Upbit, Bithumb, Coinone, and Korbit - will delist the token from their platforms in December on the grounds of inaccurate circulation numbers. 

WeMade shares fell over 30% on Friday, while $WEMIX dropped over 70%. Its other KOSDAQ-listed subsidiaries also took a hit as WeMade Max declined 29.92% and WeMade Play fell 29.93%.

The four crypto exchanges above are part of The Digital Asset eXchange Association (DAXA), a joint crypto market watchdog in Korea. It all began in October when these four entities added $WEMIX to an "investment warning" list due to differences found in its circulating supply. 

WeMade initially provided an estimate to Upbit in January that around 245 million tokens were in circulation. Upon further checks, the actual number of tokens circulated until October 25th exceeded the estimate by over 72 million. 

At the time, ​​WeMade explained that it made a mistake by excluding $WEMIX tokens issued for mainnet liquidity pool, deposits for borrowing, and ecosystem expansion purposes. These tokens were locked away in Foundation wallets. As such, the company believed these assets shouldn't be part of the circulation numbers.

However, their explanations didn't help, as after a 1-month grace period, DAXA member exchanges decided to delist $WEMIX anyway. The agency cited that errors were still found in the data submitted by WeMade, resulting in an ultimate loss of trust. 

In response, the company published a lengthy statement to defend its prior disclosures. WeMade claims that they have submitted enough data to explain the discrepancy, adding that they have not circulated a single $WEMIX more than they officially disclosed. Given the "unfair treatment," it is now looking to file an injunction against the four exchanges to rescind the delisting announcement.

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