3 months ago 1 min read

Court's Decision to Delist WEMIX Protested by Wemade


According to local media reports, the South Korean blockchain game developer Wemade Co. filed an immediate appeal on Tuesday against the court's Dec. 7 ruling that denied the developer's request to prevent four of the biggest cryptocurrency exchanges in the country from delisting its native cryptocurrency, WEMIX.

Quick Facts

🟢 A complaint may be submitted to a lower court within a week of a court ruling under South Korean law's immediate appeal provision.

🟢 Due to inaccurately reported token circulation figures, Upbit, Bithumb, Coinone, and Korbit decided to delist WEMIX from their exchanges in November.

🟢 A Seoul court dismissed the injunctions the gaming company sought against the exchanges last week. On Dec. 8, WEMIX was subsequently taken off of the four sites, and the value of the company's stock and cryptocurrencies plummeted.

🟢 Wemade has asserted time and time again that the four exchanges improperly exploited their authority to delist WEMIX without properly advising token issuers.

🟢 Since then, Wemade has launched WEMIX on GDAC, a different local cryptocurrency exchange that only supports token-to-token trades as opposed to the four fully authorized platforms that also support crypto-to-fiat on and off-ramps.

🟢 The game developer has additionally disclosed that it will burn $10 million worth of WEMIX in an effort to recoup the token's plummeting value.

🟢 The 2000-founded company Wemade has had success integrating blockchain technology into its catalog of video games, including the play-to-earn MMORPG MIR4 Global, which had over 1.4 million concurrent gamers in 2017. Players can convert their in-game winnings into WEMIX tokens through MIR4 Global.

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