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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.

Wemade To Fix WEMIX Token After Being Warned By Exchanges 3

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.

WEMIX price line chart. Source: CoinMarketCap

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.