Will WEMIX Fall or Prevail?

Top Korean cryptocurrency exchanges delisted WEMIX from their platforms on December 8, 2022. They were Bithumb, Upbit, Coinone, and Korbit, in that order. Wemade requested a temporary injunction on November 28 and the court granted their plea.

The delisting follows DAXA's admission that they are not transparent, which includes the top five cryptocurrency exchanges in the country. WEMIX allegedly gave incorrect information about their assets and total tokens, according to DAXA. In addition, they are thinking that there were more tokens accessible than the company had said. WEMIX is accused of giving its investors inaccurate and insufficient information.

WEMIX was trading at an ATH of $1.6803 prior to DAXA announcing that they will delist it. However, they fell to $0.3130 after the announcement before stabilizing. After being formally removed from exchanges, they then saw another decline and fell to $0.1231. At the time of writing, they are currently selling for $0.2756.

Regrettably, OKX also announced on Thursday that WEMIX will be removed from its platform. They made the choice after declaring that WEMIX's circumstance met their delisting requirements. Additionally, user feedback favored getting rid of the token.

All token owners on Bithumb, Upbit, Coinone, and Korbit are currently required to sell all of their tokens. Following that, traders may go on to various platforms, including MEXC Global, to trade WEMIX.

Wemade recently declared that they will burn $10 million worth of WEMIX in addition to buying it back. According to them, the burning will continue until March 2023. According to a time-weighted average price on global markets, it would repurchase its tokens on the mainnet and Klyatn blockchain.

Wemade also expressed regret about the problem. They add that majority of the errors were typos. The answer, however, did not satisfy DAXA, who finally delisted the token. They were able to increase the price of their token by more than 40% after posting on Medium about burning the tokens. They are hopeful that by taking this step, the community and investors would be shielded from further harm.