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S.Korea court to settle MIR4 maker Wemade, WEMIX legal battle

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Following a court hearing on Friday, the Seoul Central District Court is expected to soon finalize its decision on an order banning South Korean blockchain game developer Wemade Co., Ltd. filed against four major cryptocurrency exchanges after the trading platforms announced the delisting of Wemade’s native. token, WEMIX, reports local media.

See related article: S. Korea’s Wemade files an injunction against country’s top 4 crypto exchanges

Fast facts

  • The court is expected to decide whether to approve Wemade’s injunction filings on Dec. 7, ahead of the planned delisting of Wemade’s WEMIX token on local crypto trading platforms Upbit, Bithumb, Coinone and Korbit, according to local media reports.

  • With the order, Wemade seeks to invalidate the planned delisting of WEMIX on the four fully licensed cryptocurrency exchanges that collectively fill more than 95% of the South Korean crypto market volume.

  • On November 24, the four exchanges, which are part of the joint local crypto market monitoring organization DAXA, announced that they would delist Wemade’s WEMIX cryptocurrency, citing inaccurate reporting of circulation numbers.

  • After the delisting announcement, the WEMIX token price fell by about 75% from trading around US$1.6 to US$0.4, and the shares of Wemade and subsidiaries fell almost 30% when the stock market opened on the day after the announcement. Nonetheless, today’s court ruling saw WEMIX briefly surge 50% before settling at US$0.56, according to CoinMarketCap data.

  • The WEMIX issuer provided an estimate to Upbit in January that about 245 million tokens were in circulation. But actual WEMIX tokens in circulation as of October 25 exceeded the estimate by about 72 million.

  • In a hastily planned online press conference on November 25, Wemade CEO Henry Chang called out Upbit for abusing its power in the decision to delist WEMIX, and is also reportedly filing a complaint against the exchanges with the Fair Trade Commission (KFTC).

  • Founded in 2000, Wemade has found success in adopting blockchain technology to its series of video games such as play-to-earn MMORPG game MIR4 Global, which gained more than 1.4 million concurrent users last year. Last month, the company launched its latest blockchain mainnet WEMIX 3.0 and accompanying stablecoin and decentralized financial service.

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