Wemade’s cryptocurrency WeMix has been designated as a cautionary item on domestic exchanges Upbit, Bithumb, Coinone, and Covit. With coin prices and Wemade shares falling sharply at the same time, it is predicted that the company’s planned blockchain-related business will also be put on hold.
According to related industries on the 28th, four major exchanges in Korea, including Bithumb, designated WeMix as an investment oil on the 27th.
According to the exchange’s notice, there is a difference between the distribution plan information submitted to DAXA member companies and the actual distribution volume. In response, it is explained that it was designated as a cautionary item because investors were not notified in a timely manner. In fact, about 245.96 million WeMix was scheduled to be distributed in the distribution plan released by the company (as of October 31), but according to CoinMarketCap, a global cryptocurrency market brokerage site, 318.42 million WeMix is currently distributed.
On the 27th, the four major cryptocurrency exchanges in Korea, Upbit, Bithumb, Coinone, and Covit, designated WeMix as an investment item [Source = Notice of Bithumb]
As a result, the newly designated deposit was suspended from 4 p.m. on the 27th, and the decision to extend and lift the designation of caution items and delist them will be announced in the second week of November, two weeks later. Although trading in the exchange is not limited, it has been blocked from transferring Wemix held in other exchange wallets to Upbit, Bithumb, Coinone, and Covit.
These negative factors seem to be immediately reflected in WeMix prices and WeMade stock prices. The price of WeMix, which was traded at 2,500 won, fell to 1,635 won. Wemade’s stock price also fell 15.66% from the previous day to 47,400 won as of 11:24 a.m., falling to 46,250 won during the morning session.
Related industries believe that Wemix’s designation as a key event will disrupt WeMade’s blockchain game business. Regardless of whether or not to break away from attention items in the future, the key point of the problem is that the actual distribution volume was excessive compared to the original distribution plan. In fact, given that many domestic projects have caused the same problem, it is predicted that the community perception of WeMix itself will change negatively, which will disrupt the business
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