Wemade appeals against the court ruling in favor of WEMIX delisting

Margaret R. Servin

South Korean blockchain game maker Wemade Co. filed an immediate appeal on Tuesday against the court’s Dec. 7 decision that rejected the developer’s request to disallow four of the nation’s largest cryptocurrency exchanges from delisting its native cryptocurrency, WEMIX, according to local media reports.

See related article: Wemade to buyback US$10 mln in WEMIX after delisting verdict

Fast facts

  • According to South Korean law, an immediate appeal allows a complaint to be filed to a lower court within a week from a court decision.
  • In November, Upbit, Bithumb, Coinone and Korbit, decided to delist WEMIX from their platforms, citing misreported token circulation data. 
  • The game company filed injunctions against the exchanges, which were dismissed by a Seoul court last week. WEMIX was subsequently removed from the four platforms on Dec. 8, and the company’s shares and cryptocurrency values plunged.  
  • Wemade has repeatedly claimed that the four exchanges abused their powers to delist WEMIX without providing proper guidelines for token issuers.
  • Wemade has since listed WEMIX on GDAC, another local crypto exchange that only serves token-to-token transactions unlike the four fully licensed platforms that also allows crypto-to-fiat on and off-ramps. 
  • The game company has also announced that it will buyback and burn US$10 million worth of WEMIX in an attempt to recover the token’s plunged value.
  • Wemade, established in 2000, found success in adopting blockchain technology to its line of video games such as play-to-earn MMORPG game MIR4 Global, which had over 1.4 million concurrent users last year. MIR4 Global allows players to swap in-game earnings into WEMIX tokens.

See related article: South Korea’s Wemade shares drop, WEMIX token plunges after delisting verdict

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