Wemix Investment Caution Designation Extended by One Week for "Thorough Review"
[Asia Economy Reporter Lee Jung-yoon] The investment caution period for the cryptocurrency WEMIX has been extended by one week. WEMIX is a cryptocurrency issued by Wemade and has been involved in a controversy over false disclosure of circulation volume.
On the 10th, domestic cryptocurrency exchanges Upbit, Bithumb, Coinone, and Korbit announced through their homepage notices that the investment caution designation for WEMIX has been extended until the 17th.
Previously, the Digital Asset Exchange Joint Council (DAXA), a consortium of the five major Korean won market exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax, designated WEMIX as an investment caution item on the 27th of last month, deciding to review for two weeks before making a final decision on whether to terminate trading support (delisting). Among the exchanges affiliated with DAXA, four?Upbit, Bithumb, Coinone, and Korbit?except Gopax, currently support trading of WEMIX.
This extension was also decided by DAXA. DAXA explained, "We are receiving explanations from the project side regarding the facts related to the investment caution designation and are conducting a review process. We are listening to the project's future plans and response measures on key issues, and to conduct a more thorough review, we are extending the investment caution designation period."
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Wemade stated that it will update the expected circulation volume of WEMIX shared with exchanges amid the false disclosure controversy, regularly inspect it, and establish a disclosure system that allows real-time tracking of WEMIX circulation by explaining reasons and changes in volume in advance if plans need to be changed. Additionally, it plans to disclose all actions that increase circulation volume in the market before execution and immediately after contract signing, and to ensure timeliness by combining occasional notices with the existing quarterly report publication.
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