Court denies injunction against delisting of cryptocurrency Wemix

SEOUL– A Seoul court on Wednesday denied an injunction request filed by the operator of cryptocurrency Wemix to block the enforcement of crypto exchanges’ decision to delist the coin.

In late November, the Digital Asset eXchange Association (DAXA) — an alliance formed by Upbit, Bithumb, Coinone, Korbit and Gopax — announced they will terminate transaction support to the cryptocurrency operated by online games company Wemade, from Dec. 8.

They said Wemade had provided false information on the planned number of the virtual token in circulation and the actual number in the market.

Wemade filed for an injunction, claiming the decision was made on the basis of vague terms and that delisting the cryptocurrency could incur inevitable damage to investors. DAXA had countered a continued trade of Wemix would have a negative impact on the cryptocurrency market order.

The Seoul Central District Court on Wednesday dismissed the injunction request.

Wemix — launched in 2020 as Wemade’s gaming platform token — has been traded at Upbit, Bithumb, Coinone and Korbit. Wemix was not listed in the Gopax crypto exchange.

Emboldened by the virtual coin’s success, the stock price of Wemade, which was trading in the 20,000 won (US$15.12) range up until August last year, had shot up to 237,000 won in November last year.

Source: Yonhap News Agency

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