On Wednesday night, the Seoul Central District Court rejected Wemade's attempt to reverse a decision made by regional crypto exchanges to remove Wemix tokens from their services last month. The court sided with the exchanges in this case.
The decision to delist Wemix from the services of Korea's five cryptocurrency exchanges, the Digital Asset eXchange Alliance (DAXA), was taken last month. A week ago, Wemade appealed this decision.
The trading of Wemix coins will end on December 8 at 3 p.m., according to the exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax. After trading closes, owners will have a month to withdraw their funds.
The Seoul Central District Court will provide a verdict by Wednesday, the day before DAXA's ultimatum, according to the court's announcement last Friday. Wemade filed a case with the court asking for the order to be overturned.
Following the news's release, the value of Wemix tokens plummeted by 50%, trading at 600 won ($0.45) on Wednesday night and 270 won on Thursday morning.
Wemade, the business that produces Wemix, had its shares close at 37,700 won on Wednesday, the same price as the day before as investors remained wary about the potential court ruling. It fell 21% intraday on Thursday morning to 29,650 won.