A Difference Exists Between the WEMIX Circulating Supply and the Token Distribution Plan
On November 24, the Digital Asset Exchange Joint Consultative Body (DAXA), which is an association of South Korean cryptocurrency exchanges, made the announcement that the token known as WEMIX, which is used by the gaming platform Wemade, would be delisted. According to DAXA, the decision to delist WEMIX was made after the association asserted that it discovered a discrepancy between the circulating supply of the token and the distribution plan that was submitted.

Bithumb, Coinone, Gopax, Korbit, and Upbit are the five cryptocurrency exchanges that make up DAXA. The announcement by DAXA came just days after some local media reports suggested the delisting decision would be revealed on November 17. According to reports at the time, Wemade CEO Henry Chang assured token holders that there would be no delisting of the WEMIX cryptocurrency in the near future.

Despite this, it was reported by Hankyung publication that members of the DAXA association ultimately made the decision to remove the token from the various platforms.

Reportedly, DAXA stated that they determined the degree of significance based on the fact that the distribution amount exceeded the distribution plan that was submitted to them by Wemix. "The distribution amount exceeding the distribution plan submitted by Wemix to DAXA is a considerable amount of over-circulation at the time of designation as a warning issue," DAXA said.

In addition, the association accuses Wemade of spreading false information and misleading investors by releasing unconfirmed information regarding the listing status of WEMIX.

At the time this article was being written (November 24, 3:00 p.m. EST), the price of WEMIX had dropped by almost 70% to $0.488, and the token's 24-hour traded volumes were slightly more than $540 million. In the meantime, DAXA is said to have stated that "Wemix's transaction support will be terminated on December 8 in order to protect investors."

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