[Asia Economy Reporter Heo Kyung-jun] The court has decided to rule on Wemade's injunction request to prevent the termination of trading support (delisting) for the cryptocurrency 'Wemix' by the 7th of this month, one day before the delisting.
An injunction is a procedure to seek a court decision before the main lawsuit in urgent matters. If the court accepts the injunction request, the effect of the delisting decision is suspended until the conclusion of the main lawsuit.
The Civil Division 50 of the Seoul Central District Court (Chief Presiding Judge Song Kyung-geun) held a hearing on the injunction to suspend the effect of the trading support termination decision filed by Wemix LLC against four cryptocurrency exchanges belonging to the Digital Asset Exchange Association (DAXA)?Upbit, Bithumb, Coinone, and Korbit?on the 2nd, and made this decision.
The court stated, "Since the trading support termination date is December 8, the decision must be made before the evening of the 7th," and requested both parties to complete additional written submissions by the 5th.
Wemix argued, "The circulating supply of virtual assets is a concept without clear standards," and "We have recovered all the problematic circulating supply and resolved the issues before the decision to terminate trading support."
Bithumb countered, "Wemix provided insufficient and incorrect information to investors," and "The decision to terminate trading support was made to protect investors."
Upbit also stated, "There was an issue where the circulating supply was disclosed inaccurately, which the creditor (Wemix) also acknowledged," and "If the injunction is granted and trading continues, it could send a negative signal to the virtual asset industry."
Earlier, four of the five companies belonging to DAXA decided on November 24 to delist Wemix and planned to suspend trading from 3 p.m. on December 8.
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