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South Korean Court Denies Injunction Against Crypto Exchanges for Delisting Metaverse Token Wemix: Report
The wemix token is trading 90% lower than this time last month after it was delisted by several exchanges.
Updated May 9, 2023, 4:04 a.m. Published Dec 8, 2022, 3:17 p.m.
A court in Seoul, South Korea, denied a request for an injunction filed by metaverse project Wemade after its token was delisted from four South Korean crypto exchanges, according to a Yonhap report.
In November, Upbit, Bithumb, Coinone and Korbit said that the token would be delisted from their exchanges, prompting $287 million in market cap to evaporate as the token plunged from to 46 cents from $1.55.
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The exchanges, which form the Digital Asset eXchange Association, said that wemix was being delisted because of inaccuracies in circulating supply figures, the report said.
Wemade filed for an injunction against the exchanges, stating that their decisions was based on vague reasoning and damaged investors.
The court, however, dismissed the request on Wednesday.
South Korea has emerged as a hub for metaverse technology this year, with the government announcing that it will invest $200 million across the industry. Wemix was one of the tokens that benefited from that, reaching a market cap of $2.99 billion as interest surged.
The token has fallen by another 45% over the past 24 hours, slumping to an all-time low of 13 cents with a market cap of $46 million.
In October, Upbit put wemix on its "warn list" after inaccurate token data was released.
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