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‘No Possibility’ that Wemix Will Be Delisted in S Korea, Says Gaming Giant WeMade

Tim Alper
Last updated: | 2 min read
Source: Koshiro/Adobe

The South Korean gaming giant WeMade has claimed there is “no chance” its wemix token will be delisted by the nation’s leading crypto exchanges – despite the fact that it has been placed on a watchlist.

The wemix coin (WEMIX) was flagged with an investment warning by the Digital Asset Exchange Association (DAXA) late last month, Upbit explained in a customer notice. The DAXA is a newly founded group comprised of the nation’s biggest exchanges – the market-leading trading platforms Upbit, Bithumb, Coinone, and Korbit.

The exchanges found that there were differences between the number of tokens listed as being in distribution by WeMade and the actual number of coins issued by the game maker.

Per Segye Ilbo, the WeMade CEO Chang Hyun-guk stated:

“I am in communication with DAXA and am fully explaining the situation.”

Chang added that he did not think delisting was “a possibility.” WeMade is famous in the gaming world for titles such as the Legend of Mir series.

Wemix seven-day prices. (Source: CoinMarketCap)

The exchanges agreed to form DAXA following the Terra crash earlier this year. Following the crash, all four platforms faced political pressure over the timing of the delisting of Terra Luna Classic (LUNC). While some delisted LUNC shortly after the crash, others continued to list the coin for several weeks afterward – which led to a flurry of speculative investment.

Regulators and politicians stepped in, and urged the platforms to streamline their responses to crypto-related issues. The result was the formation of the DAXA – and some fear that wemix could become its first casualty.

Why Could Wemix Be Delisted?

Simply put, the coin’s supply figures appear to have been inaccurately recorded. In January, the firm said 245,966,797 tokens would be in circulation by the end of October. However, on October 25, there were 318,421,502 wemix tokens in circulation, meaning that 72,454,705 additional coins currently appear to be in circulation.

The crypto-keen WeMade claimed the discrepancy was mainly due to clerical errors and oversights. It stated, in a post on Medium:

“We acknowledge that there may be some time differences between wemix quarterly report posting and real-time circulating supply, and there was some insufficient update of the circulating supply of CoinMarketCap and communication with the exchanges.”

The firm also promised to post more accurate and timely updates on token ownership. It also said it would bolster its monitoring capacities.

Wemix 24-hour trading data on the Upbit platform. (Source: CoinGecko)

The company had pledged to launch 100 blockchain games on the Wemix blockchain network by the end of 2022. But Chang stated that this target would now be pushed back to the first quarter of the next financial year.

Stock prices took a tumble after delisting worries surfaced, with the company shares down almost 4% today following a week of ups-and-downs for WeMade on the KOSDAQ exchange.

Source: WeMade

There was a silver lining for WeMade, however – in the form of a timely investment boost from big domestic and international players.

In a press release, the company stated that it had raised “approximately $46 million” in investment from the domestic financial firms Shinhan Asset Management and Kiwoom Securities – as well as America’s Microsoft.