CRYPTOCURRENCY WEMIX DELISTED

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WEMIX, a South Korean cryptocurrency issued by WeMade corporation, was de-listed yesterday as of 3pm. This comes after the court ruled in favor of local crypto exchanges' claims that they lost trust in WEMIX as they haven't been transparent with their transaction volumes. Repercussions of its delisiting will inevitably be serious as it lost more than 400 billion won in market capitalization after the announcement of the delisting was made.

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The cryptocurrency Wemix plunged in value to about 200 won right before it was removed from the crypto exchange. It lost more than 400 billion won in market capitalization compared to its value before its delisting was announced. The cryptocurrency's delisting was finalized at 3 p.m. Thursday in line with the forecasts of crypto exchanges made in late November. The crypto exchanges announced Wemix's delisting and terminated their support for its transactions because it circulated in larger amounts than initially planned. Wemade filed a provisional disposition asking the court to invalidate the decision, but it was rejected, and Wemix was eventually delisted. The court said there were violations in Wemix's circulation without a clear explanation. The court added, it's more important to prevent more serious damage that potential investors may sustain in the future by enhancing the transparency of the cryptocurrency market in the long term. That is even if Wemix's current investors suffer losses in the short term. More than 90 percent of Wemix transactions were performed on domestic exchanges, meaning that the repercussions of its delisting will inevitably be serious.

[Soundbite] (Wemix investor) : "I've invested KRW 12 mn. But its value has plunged to 600,000-700,000 won overnight. I trusted it as a listed currency."

Wemade had plans to list Wemix on overseas crypto exchanges while continuing its legal battle at home, but large overseas exchanges have also decided for the delisting.

[Soundbite] Prof. Hong Ki-hoon(Hongik University) : "The company should assure the market that this will never happen again, but it's just talking about listing without trying to prevent future mishaps. It means it has no intention to solve this problem fundamentally."

Wemix investors must move their assets to their individual crypto wallets or other crypto exchanges before the withdrawal support period ends in about a month.