'Delisting' WEMIX Immediately Appeals Court Decision Dismissing Injunction Request

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] The cryptocurrency WEMIX issuer filed an immediate appeal after the court dismissed its injunction request to prevent the termination of trading support (delisting).

According to the legal community on the 13th, WEMIX Limited Liability Company submitted an immediate appeal to the presiding court of the injunction case, the Seoul Central District Court Civil Agreement Division 50 (Chief Presiding Judge Song Kyung-geun) on the same day.

Earlier, WEMIX had received notifications of termination of trading support from four exchanges belonging to the Digital Asset Exchange Joint Council (DAXA) and filed an injunction to suspend the effect in objection. However, the court dismissed the injunction request on the 7th of this month. WEMIX was delisted from the exchanges on the 8th.

The exchanges notified the suspension of trading due to a significant discrepancy between WEMIX's planned circulating supply information and the actual circulating supply. WEMIX argued that there is no clear concept of circulating supply and claimed the action was unfair. The court judged that since the price of virtual assets heavily depends on supply and demand principles, the circulating supply is very important for investors' judgment. The court also acknowledged that the issuer circulated additional WEMIX worth 93.4 billion KRW, exceeding the originally disclosed plan, siding with the exchanges.

WEMIX, a cryptocurrency created by the game company Wemade, was first listed on exchanges in October 2020. WEMIX attracted market attention because it allows in-game assets to be converted into cryptocurrency.

This content was produced with the assistance of AI translation services.