Wemix Delisting Maintained... Cryptocurrency Exchanges "Respect Court's Decision"

Court Ruling Causes WEMIX Price to Plunge Over 50%

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] In relation to the court's decision to uphold the termination of trading support (delisting) for the virtual asset WEMIX issued by Wemade, exchanges such as Upbit and Coinone expressed their stance of "respecting the judgment."

According to the legal community on the 7th, the Seoul Central District Court Civil Division 50 (Chief Presiding Judge Song Kyung-geun) dismissed the provisional injunction application filed by WEMIX LLC against the digital asset exchange joint council (DAXA) member exchanges Upbit, Bithumb, Coinone, and Korbit, seeking to suspend the effect of the decision to terminate trading support.

Upon news of the dismissal of the provisional injunction application, Dunamu, which operates Upbit, stated, "We respect the court's judgment." Coinone also conveyed, "We respect the court's judgment regarding the dismissal of the provisional injunction application to suspend the effect of the decision to terminate WEMIX trading support."

Earlier, on the 24th of last month, DAXA decided to delist WEMIX. A significant violation of circulation volume by WEMIX played a decisive role, and inadequate or incorrect information provided to investors, as well as errors and trust damage in the materials submitted during the explanation period, were also causes for the delisting.

With this decision, WEMIX is scheduled to have its trading support terminated as planned on the 8th. However, withdrawals will be possible according to each exchange's schedule. Additionally, trading of WEMIX is possible on exchanges that are not members of DAXA.

Meanwhile, as the termination of trading support proceeded as scheduled, the price of WEMIX plummeted. As of 8:52 PM on the same day, WEMIX was traded at 576 won on Upbit, down 50.77% compared to the previous day. On Bithumb, the price of WEMIX was recorded at 433.8 won, down 58.69%.