South Korean Lawmaker Accused Of Suspicious WEMIX Token Transactions

A recent scandal involving a South Korean opposition party lawmaker has sparked domestic outrage over potential conflicts of interest. The country's financial watchdog has reported a series of crypto transactions by the lawmaker to local prosecutors, raising concerns about the transparency and ethics of political figures in the crypto industry.

Timeline of Wemix

South Korean congressman Kim Nam-guk held 800,000 WEMIX when he proposed postponing the tax on virtual assets such as cryptocurrencies by 2021. The peak price exceeds 6 billion won (about $4.55 million).

An up-and-coming crypto gaming project has pulled off an incredible 300% rally in the past 30 days as digital asset markets continue to show strength following the crack of 2023. WEMIX (WEMIX) is a platform that supports blockchain-based games for over 378,000 gamers, according to its website.

Wemade, a South Korean Blockchain game developer, has announced that it would buy back and burn $10 million in its native crypto WEMIX after being delisted by top South Korean crypto exchanges.

On November 24, price of WEMIX, utility coin of one of the P2E leaders “Wemix”, plunged 70%. This was a direct result of the unilateral decision by the 4 largest exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit) to delist the coin.

According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency exchange Upbit was the brains behind the Digital Asset Exchange Joint Consultative Body (DAXA)'s decision to delist WEMIX. The Wemade CEO accused Upbit of applying different standards and of failing to furnish his company with the token supply guidelines.

The Digital Asset Exchange Joint Consultative Body (DAXA), the South Korean association of crypto exchanges, announced on Nov. 24 that the WEMIX token would be delisted. In justifying the decision to delist WEMIX, the association claimed the information provided by the token's issuer Wemade is false and has confused investors.

WEMIX Token Delist News: Several major crypto exchanges based in South Korea have announced the delisting of gaming platform token WEMIX. The post South Korean Exchanges Delist Microsoft Linked WEMIX Token, Here's Why appeared first on CoinGape.

Top South Korean exchanges will take gaming company Wemade's wemix token off their books on Dec. 8, a little over a month since they issued an investment warning against the token. The post Korean exchanges to delist gaming company Wemade's native token appeared first on The Block.

Wemade, a 22-year-old game developer from South Korea announced on July 12th that its CEO Henry Chang exercised his stock options and bought 223,504 shares for an astonishing USD 2.67 million (KRW 3,5 billion) and did not sell a single share. As a result, Henry's stake in Wemade reached 1.5%.