South Korea’s Seoul Central District Court has dismissed the injunction filed by local blockchain game company Wemade Co. Ltd. to stop four local digital asset exchanges from delisting the company’s native WEMIX cryptocurrency, according to Money Today News.
See related article: S.Korea court to settle MIR4 maker Wemade, WEMIX legal battle
- The verdict follows the Seoul court’s hearing on Dec. 2 that reviewed the preliminary injunction requested by Wemade. This means that the four exchanges – Upbit, Bithumb, Coinone and Korbit – will delist Wemade’s WEMIX token at 3 p.m. Korea time on Thursday as announced on Nov. 24.
- The four exchanges, which are part of the local industry monitoring group the Digital Asset eXchange Alliance (DAXA), cited inaccurate reporting of circulation data among other reasons behind the delisting announcement.
- In an online press conference on Nov. 25, Wemade CEO Henry Chang called out Upbit for abusing its power in delisting WEMIX, and is also reportedly filing a complaint against the exchanges with the Fair Trade Commission.
- The initial announcement of the delisting on Nov. 24 weighed on the price of WEMIX, which dropped over 70% the same day, while stocks of Wemade and game subsidiaries lost 30% as the markets opened the next day.
- WEMIX price was volatile on Wednesday in anticipation of the court decision, with its trade volume increasing 38% over the last 24 hours according to CoinMarketCap data.
- Wemade, established in 2000, found success in integrating blockchain technology into its line of video games such as play-to-earn MMORPG game MIR4 Global, which has gained over 1.4 million concurrent users last year. MIR4 Global allows players to liquidate their in-game earnings into WEMIX tokens.
See related article: S. Korea’s Wemade files injunction against country’s top 4 crypto exchanges