[블록체인핫이슈] Wemix was eventually delisted… Shockwave in the virtual asset market

[디지털투데이 강진규 기자] Eventually, major domestic virtual asset exchanges delisted Wemix, a virtual asset for Wemade, a gaming company. As a result of this event, it is expected that disclosure oversight and management related to virtual assets will be strengthened.

On the 7th, Civil Settlement Division 50 of the Seoul Central District Court rejected WeMade’s request for an injunction to terminate and suspend Wemix’s transaction support against an exchange belonging to the Digital Asset Exchange Association (DAXA).

⦁ Wemix temporary ban refused, removed on the 8th

⦁ 4 major exchanges “Respect court ruling, finish Wemix transaction as scheduled”

Previously, on the 24th of last month, DAXA announced the end of transaction support for Wemix. Dissatisfied with this, WeMay filed for a temporary injunction to stop Wemix’s removal on the 25th.

Regarding the ruling, a WeMade official said, “The request for a temporary injunction has been denied, but we will work hard through the lawsuit on the merits and the FTC.”

Following the ruling, Wemix transaction support on major domestic virtual asset exchanges such as Upbit, Bithumb, Coinone, and Korbit ended as scheduled at 3:00 pm on the 8th.

After the news of the delisting was announced, Wemix’s price plummeted.

⦁ Wemix dives ahead of devaluation… Bitcoin and other virtual asset markets on the decline

As of 10:10 am on the 8th, Wemix was trading at 346 won on Upbit, down 17.62% from the previous day. Compared to 613 gained as of 8:06 pm the previous day, it plunged about 43%. At 10 am on the 8th, Bithumb recorded 345 gains, down 25.65% from the previous day. As of 8:07 pm the previous day, Wemix was traded at 465 won on Bithumb, but down about 24%.

In addition, Wemix investors were confused about whether they should get rid of their Wemix, transfer it to their personal virtual asset wallet, or use a foreign exchange.

⦁ Investors rally ahead of Wemix liquidation… How to withdraw?

Some foreign exchanges voiced concerns about the Wemix transaction, and another domestic virtual asset exchange, Gdac, listed Wemix.

⦁ Will Wemix be kicked out of foreign markets? investment warnings

⦁ WeMade ‘Wemix’ is listed on the domestic exchange ‘GDAC’…”Gain X market support”

Following this incident, domestic virtual asset projects have begun to strengthen circulation disclosure. Paycoin, Dkargo, Bifrost, and Humanscape have strengthened and corrected disclosures related to circulation.

⦁ Reinforcing disclosure of distribution volume of virtual asset projects, ‘Let’s become the 2nd Wemix’

Paycoin announced on the 8th that among the possibilities of the Paycoin Consumer Protection Center, which opened on November 25th, it is possible to add information to the ‘current wallet status’ menu display that allows you to check the wallets held by the company. D’Kargo announced on CoinMarketCap on the 2nd that it has updated its circulation.

WeMade predicted a long-term battle. WeMade explained, “We intend to continue making efforts to expose the unfairness of DAXA’s decision to terminate Wemix transaction support.”

⦁ WeMade is proceeding with a lawsuit on the merits of dismissing the injunction…Long term warning

WeMade plans to do its best to normalize Wemix’s trade by filing a lawsuit with the Fair Trade Commission along with the main lawsuit. In addition, regardless of the delisting on the domestic exchange, the expansion of the Wemix ecosystem and business will continue as it is.

In addition, WeMade plans to release its own blockchain games according to the current roadmap to achieve the initial goal of joining 100 games to Wemix.

⦁ WeMade stands at the judgment table due to WeMix’s bankruptcy… What’s next?

Meanwhile, WeMade plans to make up for lost time by pursuing a shrinking policy that reduces the amount of Wemix publication.

⦁ WeMade, total efforts to boost the value of Wemix… burn after earning 13 billion money back

On the 9th, the Wemix team announced that they would buy back Wemix and Wemix Classic worth 10 million dollars (about KRW 13 billion) and then burn them. Buybacks and burns will be done by an equal time-sharing order method for 90 days from today to March 8 next year.

The court acquitted three people, including Song Chi-hyung, Dunamu, who was accused of trading upbit bikes, in an appeal court case.

⦁ Chi-hyung Song Dunamu, chairman of the ‘upbit bike trading charge’, acquitted in the second degree

In the appeal trial held at the Seoul High Court on the 7th, the judge ruled that most of the evidence presented by the prosecution based on the charges was inadmissible as evidence of breaking the law.

The judge said, “The prosecution downloaded and collected details of Upbit transactions in remote places such as the Amazon Cloud at the search site through the computers of Mirim Tower employees in Yeoksam-dong. According to the warrant issued by the judge, Since the location and “the location where access to the server is restricted to within Dunamu Mirim Tower, data downloaded from a server storage location located overseas cannot be accepted as evidence of illegal collection.”

Binance, the world’s largest cryptocurrency exchange, is trying to reassure investors after the collapse of FTX, but its financial structure remains a ‘mystery’, the Wall Street Journal (WSJ) reported on the 10th (local time).

⦁ WSJ “The mystery of Binance’s financial structure…Lack of certainty for investors”

According to reports, Binance has disclosed details of virtual currency wallet addresses over the past month, and has entrusted an external accounting firm to write a ‘proof of reserve report’ that shows whether customers have coins.

But Douglas Carmichael, an accounting professor at Baruch University in New York who served as the chief auditor of the US Public Company Accounting Oversight Committee, said, “This report does not answer all the questions that investors may have.”

The testimony of Sam Bankman Pride, the founder and former CEO of FTX, who is said to be the main culprit in the bankruptcy of the virtual asset exchange FTX, failed to testify before the US Congress.

⦁ FTX Founder Failed to Attend Congressional Hearing

According to major foreign media outlets on the 9th (hereafter local time), the US House Banking Committee requested the presence of Sam Bankman Pride at a public hearing on the FTX event scheduled to take place on the 13th, but in over there Sam Bankman didn’t do Pride. responded to the request, and the presence failed

The Banking Commission said in an official statement that day, “Sam Bankman Pride’s attorney did not respond to the request for an appearance by the specified deadline.” Accordingly, the Senate Banking Committee will issue an official subpoena requesting attendance and testimony.

CoinDesk and other foreign media reported on the 9th (local time) that Starbucks began beta testing the Odyssey Experience, which combines NFT collection with other gamification elements and a customer loyalty reward program.

⦁ Starbucks begins testing a loyalty program based on NFT … will it provide a new experience?

Starbucks has opened Web 3.0 extensions to its Starbucks Rewards program for a small group of users, including employees and customers. These users can participate in the journey to earn Journey Stamps, polygon based NFTs.

At the Ethereum core developer meeting on the 8th (local time), the timetable for the Ethereum Shanghai hard fork was set. The plan is to proceed with the hard fork by March 2023, next year.

⦁ Ethereum Shanghai hard fork, scheduled for March 2023

According to Cointelegraph, at the meeting, the provisional deadline for upgrading the Shanghai hard fork was set as March 2023.

Additionally, in May or June 2023, an agreement was reached to add an authentication function called ‘Ethereum Improvement Proposal (EIP) 4895’. When this function is implemented, funds can be easily withdrawn from the Ethereum blockchain.

The Financial Supervisory Service announced that it is reviewing the exclusion of non-fungible tokens (NFT) from the subject of virtual asset disclosure.

⦁ Financial Supervision Service “Excluding NFTs from revealing virtual assets”

At the ‘Korea Accounting Association Virtual Assets Symposium’ held in the first sub-conference room of the Hall of Members of the National Assembly on the 6th, Kim Byeong-ryul, head of the International Accounting Standards Team at the Financial Supervisory Service, said, “MiCA, one legislation is considered virtual asset enacted by the United States or the European Union, ) within the specified range,” he said. “NFTs are likely to fall out.”

In addition, team leader Kim added that they are discussing in the direction of gradually expanding by reducing the scope of virtual assets that are subject to public disclosure. The level of understanding between the virtual asset category and the related industry and public is so different that more communication is needed.

Coinone, a domestic virtual asset exchange, announced that the number of new subscribers increased by about 177% in about a week after switching to Kakao Bank’s KRW deposit and withdrawal service on the 29th of last month.

⦁ Coinone “New subscribers increased by 177% in one week after switching to Kabang”

According to Coinone, since the official opening of Kakao Bank’s deposit and withdrawal service on the 29th of last month, the average number of new subscribers increased by 177.48% from the pre-registration period until December 5th. Coinone explained that the bank conversion rate of existing customers records more than 70%.