 |
Photo = Yonhap news |
[Alpha Biz= Paul Lee] Seoul, May 31 — South Korean game developer Wemade’s cryptocurrency WEMIX is set to be delisted from domestic exchanges after a Seoul court rejected the company’s injunction to halt the decision.
According to legal sources on May 30, the Seoul Central District Court’s Civil Division 50 (Presiding Judge Kim Sang-hoon) dismissed the injunction request filed by Wemade against four digital asset exchanges — Bithumb, Coinone, Korbit, and GOPAX — all of which are part of the Digital Asset eXchange Alliance (DAXA).
The ruling paves the way for WEMIX to be delisted for the second time from local exchanges.
WEMIX is a central component of Wemade’s blockchain-based gaming ecosystem, designed to facilitate play-to-earn (P2E) rewards. However, DAXA decided to delist the token after a hacking incident on February 28 led to the theft of approximately 9 billion KRW (about $6.6 million) worth of WEMIX. The incident was disclosed by Wemade only four days later, which DAXA cited as a violation of timely disclosure practices.
Wemade contested the decision, arguing that DAXA failed to provide transparent reasoning and conducted the delisting process unilaterally. However, the court ruled in favor of the exchanges.
As a result, trading of WEMIX on Korean won-based exchanges will cease at 3:00 a.m. on June 2, and withdrawal support will end on July 2, effectively removing WEMIX from all major domestic trading platforms.
This marks another major blow for Wemade, which has struggled to maintain trust with regulators and investors following a series of controversies involving its blockchain projects.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
