WEMIX price plunges 77% after South Korea’s crypto exchanges threaten to delist it

South Korea’s largest crypto exchanges have acknowledged that the WEMIX tokens in circulation provide exceed what Wemix had disclosed.

Key Takeaways

• South Korea’s largest crypto exchanges non-November 24 mentioned they’d terminate contract help for WEMIX.
• At press time the WEMIX token was buying and selling at $0.3578 after a 24-hour drop of 77.12%.
• The exchanges had issued an funding warning on Oct. 27 alleging that there was extra WEMIX in circulation than Wemix had disclosed.

Alleged false data by Wemix

Bithumb, Upbeat, Coinone, Korbit and Gopax, that are a part of a set of South Korea’s largest cryptocurrency exchanges referred to as the Digital Asset eXchange Alliance (DAXA), introduced yesterday (Nov. 24) that they’d delist the WEMIX token. DAXA alleged Wemix, the agency behind the WEMIX token, offered false data in response to an funding warning that DAXA had issued in October.

In line with the announcement by DAXA, WEMIX buying and selling is about to finish on December 8, 2022.

On October 27, DAXA issued an funding warning alleging that there have been extra WEMIX tokens in circulation than what Wemix had disclosed. In response to the allegations, Wemix had pledged to work with DAXA to alleviate the issues.

Wemix response

Instantly after the delisting information broke, Wemix Communication released a statement claiming it had responded to the issues raised by DAXA and had corrected plenty of points in regards to the circulation provide, the crew mentioned:

“The WEMIX crew doesn’t acknowledge or agree with the unreasonable choice made by the Digital Asset eXchange Alliance (DAXA)… It’s essential to notice that the Basis has not circulated a single WEMIX greater than what we have now formally disclosed so far.”

Sadly, the market had already responded to the delisting information and the WEMIX token plunged by greater than 70% inside minutes of the information and it’s nonetheless dropping.