A South Korean court has dismissed the injunction filed by Wemade to prevent four local crypto exchanges from delisting its WEMIX token, according to a report by Money Today News. As a result, the token will be delisted from Upbit, Bithumb, Coinone, and Korbit on Dec. 8.
S. Korea Court Dismisses Injunction to Prevent WEMIX Delisting
Wemade’s WEMIX token is set to be delisted from Upbit, Bithumb, Coinone, and Korbit on Thursday following the decision by the Seoul Central District Court to reject Wemade’s injunction, the Money Today News reports. Wemade filed the injunction last month to prevent the four local crypto exchanges from delisting the token.
The crypto bourses, which make up the local industry monitoring organization Digital Asset eXchange Alliance (DAXA), announced in November they will delist the token due to inaccurate reports on WEMIX’s circulation data. Wemade told the exchanges there were around 245 million tokens in circulation in 2022, while the actual number exceeded that figure by a whopping 72 million.
The court’s decision comes a few days after the hearing, where Wemade’s preliminary injunction was reviewed. As a result, WEMIX will be delisted from the exchanges at 3 p.m. Korea time on Dec. 8.
Shortly after the delisting was initially announced, Wemade CEO Henry Chang called out Upbit for abusing its power. He filed a complaint against the crypto exchanges with the Fair Trade Commission. Upbit is one of the crypto exchanges raided in 2022 by South Korean prosecutors in the wake of the LUNA collapse.
The latest decision weighed WEMIX’s price, with the token plummeting almost 50% in the past 24 hours. The token’s trading volume jumped by more than 87% during that period in anticipation of the court’s ruling.
Wemade in Talks to Have Binance Take Custody of WEMIX
Founded in 2000, Wemade is a blockchain gaming company best known for its play-to-earn MMORPG game MIR4 Global. The game, which had more than 1.4 million users in 2021, allows players to convert their in-game earnings into WEMIX tokens.
Last month, Wemade secured $46 million in a funding round from Microsoft, Shinhan Asset Management, and Kiwoom Securities. The company said it will use the funding to continue investing aggressively in Web3.
More recently, Wemade said it is holding negotiations to have Binance Institutional Services take custody of WEMIX amid the latest disputes with DAXA. According to the Sunday announcement, the custody service could start as early as this week.
This article originally appeared on The Tokenist
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