The value of the WEMIX Token (WEMIX) has taken a huge fall in the recent trading sessions and it is all because of its recent delisting.
It has come as a huge shock to the entire WEMIX community that the cryptocurrency exchanges in South Korea have decided to delist the asset.
SR Crypto Exchanges to Delist WEMIX
WEMIX is the native token issued by Wemix, a blockchain platform backed by Wemade, a major gaming company in South Korea.
According to the cryptocurrency exchanges based in South Korea, the platform “Wemix” has provided them with misleading and wrong information pertaining to the asset.
The exchanges have also issued an investment warning for their users where they have intimated their users about the false information provided by Wemix.
Following the accusations, the exchanges have made it clear that they will be delisting the token from their platforms.
Major Exchanges Partaking in the Delisting
The major cryptocurrency exchanges in South Korea that are supporting the delisting include Gopax, Korbit, Coinone, Upbeat, and Bithumb.
These exchanges form a collective, mainly known as DAXA (Digital Asset eXchange Alliance). The DAXA announced the delisting of the WEMIX token from their platforms on November 24.
The firms have revealed in their announcement that the contract for the particular token will be terminated from their end in the month of December.
The communication reveals that December 8 would be the last day of trading for the users with the particular asset. After that, the token will be decommissioned with no access to trading or acquisition.
Claim by DAXA
It was back on October 27, when the DAXA highlighted the matter for the first time. At that time, the DAXA argued that the number of WEMIX tokens in circulation are much higher than communicated by Wemix.
After the issue was highlighted, Wemix provided assurances that it will work with DAXA to address the matter. Wemix assured the entire WEMIX token community that they will deal with the problem at hand.
They will work together to alleviate the concern and everyone will be on the same page. From the looks of it, no progress was made on the matter, forcing the exchanges to make a radical decision.
However, Wemix officials completely denied the claim made by the DAXA about the actual versus the communicated supply of WEMIX.
In a statement, Wemix officials stated they do not appreciate the decision that has been announced by the DAXA on the matter. They have not circulated a single WEMIX more than the communicated supply.
Following the announcement, the value of the WEMIX token has plummeted by 70.8%. At the time of writing, it is trading at a low of $0.476.
As the day of the delisting approaches, the value of the WEMIX token would continue plunging.