- South Korea’s blockchain game developer, Wemade’s shares dropped 23% on the KOSDAQ market.
- Wemade Max and Wemade Play shares also plummeted on the KOSDAQ exchange.
- Upbit, Bithumb, Coinone, and Korbit, stopped WEMIX trading on the platforms.
On December 8, the shares of the South Korean blockchain game developer Wemade dropped severely. The developer had issued an injunction against Korea’s four major cryptocurrency exchanges that planned to remove Wemade’s token WEMIX from their platforms.
However, the request was dismissed by the Seoul Central District Court on December 7th. The four exchanges, including Upbit, Bithumb, Coinone, and Korbit, which together account for over 95% of the crypto trade volume in South Korea, reported inaccurate circulation information about the WEMIX token.
The four exchanges are also part of the local crypto market monitoring group, the Digital Asset eXchange Alliance (DAXA), which also issued a two-week examination for the game developer firm to fix the issues.
Instead, Wemade CEO, Henry Chang, stated during an online press conference on November 25 that Upbit is taking advantage of its position and that Chang’s company will be filing a complaint against the exchanges with the Fair Trade Commission.
Today, all four exchanges announced at 3 p.m. Korea time that they disabled WEMIX from being traded on their platforms. Nevertheless, they will support user withdrawals from WEMIX until January 5, 2023.
In addition, global cryptocurrency exchange OKX announced recently that it would delist WEMIX alongside the other exchanges. Following these, a Korean finance outlet reported that Wemade shares dropped by 23% and are currently valued at 30,200 Korean Won, or $22 USD, during early trading on South Korea’s KOSDAQ market.
Meanwhile, WEMIX fell 9%, dropping to $0.2 USD from its $10 USD valuation in early 2022. Simultaneously, Wemade’s gaming vertices, including gaming software manufacturer Wemade Max and mobile game developer Wemade Play, retreated 22% and 5% on South Korea’s KOSDAQ exchange.