Wemade To Fix WEMIX Token After Being Warned By Exchanges
Wemade, a South Korean blockchain game company, is working on a cure for its cryptocurrency WEMIX, which was included in an “investment warning” list by four major crypto exchanges in the nation for incorrectly stating circulation statistics.
According to Upbit, South Korea’s Digital Asset eXchange Association (DAXA) categorized the WEMIX token as a risky investment on October 27 after discovering that the token’s circulation statistics were incorrectly transmitted.
WEMIX is used across Wemade’s blockchain ecosystem, particularly in its worldwide gaming platform. According to CoinMarketCap, its price dropped by 32% after the four exchanges issued the investment alert.
Wemade explained that it made a mistake by excluding the issuance of WEMIX tokens, which are used to supply liquidity for its blockchain mainnet, for deposits in making loans, and for expanding and managing the ecosystem, and that they did not believe tokens that are not currently in circulation should be included in the estimate.
According to the notification, Wemade will tighten its disclosure mechanism to publish information before expanding circulation. It will commit its token holdings to a third-party custodian for more predictability and transparency.
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