The Digital Asset Exchange Joint Advisory Body (DAXA), the South Korean association of crypto exchanges, announced on November 24 that the WEMIX token will be delisted. Justifying the decision to delist WEMIX, the association stated that the information provided by the issuer of the Wemade token is false and confusing for investors.
Mismatch between WEMIX circulating supply and token distribution plan
The association of South Korean cryptocurrency exchanges, the Digital Asset Exchange Joint Advisory Body (DAXA), announced on November 24 that Wemade’s gaming platform token, WEMIX, will be delisted. According to DAXA, the decision to delist WEMIX came after the association stated that it found a discrepancy between the number of tokens in circulation and the distribution plan submitted.
The announcement of DAXA, which consists of five crypto exchanges namely: Bithumb, Coinone, Gopax, Korbit and Upbit, comes just a few days after some local media reported that the delisting decision would be made public on November 17th. , Wemade CEO Henry Chang reportedly told token holders that delisting WEMIX was not possible.
However, according to Hankyung, DAXA members ultimately decided to remove the token from their respective platforms.
“A distribution amount in excess of the distribution plan submitted by Wemix to DAXA represents a significant amount of overdistribution at the time the alert issue was announced, and the extent was determined to be significant,” DAXA said.
In addition, the association accuses Wemade of spreading false information and misleading investors by publishing unconfirmed information about WEMIX’s listing status.
At the time of writing (November 24, 3:00 pm EDT), the price of WEMIX has fallen nearly 70% to $0.488, while the token’s 24-hour trading volumes were just over $540 million. Meanwhile, DAXA has reportedly stated that “support for Wemix transactions will be terminated on December 8 to protect investors.”
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