WeMade Files Antitrust Complaint Against Leading Korean Crypto Exchanges for Delisting WEMIX

WeMade, a well-known South Korean video game developer, filed an antitrust complaint against the leading crypto exchanges in the country for delisting WEMIX

Key Notes

WeMade, a well-known South Korean video game developer, has filed an antitrust complaint against the leading crypto exchanges in the country for delisting WEMIX WEMIX $0.74 24h volatility: 2.0% Market cap: $312.26 M Vol. 24h: $1.72 M , the native token of its blockchain gaming ecosystem.

According to a report by MLex, WeMade accuses the Digital Asset Exchange Alliance (DAXA), a coalition of Upbit, Bithumb, Coinone, Korbit and Gopax exchanges, of engaging in a conspiracy against its blockchain gaming ecosystem’s native token.

The complaint has been filed with the Korea Fair Trade Commission (KFTC).

As per the report, the complaint claims that the exchanges collaborated to remove WEMIX from their platforms, which, in turn, breaches South Korea’s new trade law—Article 40 of the Monopoly Regulation and Fair Trade Act.

The complaint, reportedly, adds that the lack of procedural transparency and the joint announcement from the top five Korean exchanges is an indication of their coordination.

However, the report further notes that the DAXA members maintain that they made the decisions independently based on their own internal standards.

The leading Korean exchanges recently announced that WEMIX will be delisted from the platforms on June 2, with the exchanges opening up the window for user withdrawals until July 2.

This will be the second time that WEMIX will be delisted in the country.

WEMIX Faces Steep Decline

DAXA claims that the $6.6 million theft in late February (8.6 million WEMIX tokens) is the main reason for delisting the asset.

This could be a major setback for WeMade and its Web3 gaming ecosystem, which is largely dependent on the WEMIX token.

WEMIX has lost over 70% of its value over the past year and is down by 98.5% from its all-time high of $24.7 on Nov. 21, 2021—its market cap reached $2.4 billion. The token is currently trading at $0.37.