‘Wemics’ is eventually delisted… Investor losses are inevitable

◀ Anchor ▶

WeMade applied for an injunction to prevent the delisting of ‘Wemix’, a digital currency they created, but the court refused.

As a result, Wemix trading will be suspended at 3:00 PM today.

This is Reporter Lee Jae-wook.

◀ Report ▶

Cryptocurrency ‘Wemix’ created by the game company WeMade.

WeMade made it possible to exchange the goods obtained from its games with Wemix and then exchange them for money in the cryptocurrency exchange.

For this reason, Wemade’s share price, which remained around 20,000 won, exceeded 240,000 won in November last year.

However, the four major cryptocurrency exchanges in Korea, including Upbit, Bithumb, Coinone, and Korbit, designated Wemix as a warning stock in October and decided to delist last month.

The exchanges cited the fact that they distribute Wemix far beyond the distribution plan presented by WeMade.

He also said that it was difficult to restore trust as various errors were found in the data received by WeMade.

After the decision to delist, approximately 380 billion won from Wemics’ market capitalization disappeared.

WeMade countered that the standard for the appropriate amount of distribution is not clear, and that there are many virtual currencies that have not even announced a distribution plan.

[장현국/위메이드 대표(지난달)]

“Why don’t you apply the strict standards applied to Wemix to other coins?”

In the end, WeMade opposed the decision to delist and applied for an injunction to stop the effect, but the court did not accept it.

The court sided with the exchanges’ argument that removing Wemix should improve trust in the virtual currency market and protect investors.

Although the size of Wemix’s holdings has not been confirmed, individual investors suffered huge losses due to the proposed delisting at 3:00 pm today.

This is Lee Jae-wook from MBC News.

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