WeMade Files Antitrust Complaint Against South Korean Crypto Exchanges for WEMIX Delisting
WeMade, a South Korean video game developer, has filed an antitrust complaint against major crypto exchanges for delisting its native token, WEMIX. The complaint was submitted to the Korea Fair Trade Commission (KFTC) and alleges that the Digital Asset Exchange Alliance (DAXA), which includes Upbit, Bithumb, Coinone, Korbit, and Gopax, conspired to remove WEMIX, violating Article 40 of the Monopoly Regulation and Fair Trade Act.
Key points include:
- Allegations of coordinated efforts among top exchanges to delist WEMIX.
- DAXA claims decisions were made independently based on their standards.
- WEMIX was delisted on June 2, with withdrawals allowed until July 2.
- The token previously faced delisting issues.
- Delisting attributed to a theft of $6.6 million in February (8.6 million tokens).
- WEMIX's value has declined over 70% in the past year and is down 98.5% from its all-time high of $24.7, currently trading at $0.37.
This situation poses challenges for WeMade's Web3 gaming ecosystem, reliant on the WEMIX token.