South Korean blockchain game maker Wemade Co. filed an immediate appeal on Tuesday against the court’s Dec. 7 decision that rejected the developer’s request to disallow four of the nation’s largest cryptocurrency exchanges from delisting its native cryptocurrency, WEMIX, according to local media reports.
See related article: Wemade to buyback US$10 mln in WEMIX after delisting verdict
Fast facts
- According to South Korean law, an immediate appeal allows a complaint to be filed to a lower court within a week from a court decision.
- In November, Upbit, Bithumb, Coinone and Korbit, decided to delist WEMIX from their platforms, citing misreported token circulation data.
- The game company filed injunctions against the exchanges, which were dismissed by a Seoul court last week. WEMIX was subsequently removed from the four platforms on Dec. 8, and the company’s shares and cryptocurrency values plunged.
- Wemade has repeatedly claimed that the four exchanges abused their powers to delist WEMIX without providing proper guidelines for token issuers.
- Wemade has since listed WEMIX on GDAC, another local crypto exchange that only serves token-to-token transactions unlike the four fully licensed platforms that also allows crypto-to-fiat on and off-ramps.
- The game company has also announced that it will buyback and burn US$10 million worth of WEMIX in an attempt to recover the token’s plunged value.
- Wemade, established in 2000, found success in adopting blockchain technology to its line of video games such as play-to-earn MMORPG game MIR4 Global, which had over 1.4 million concurrent users last year. MIR4 Global allows players to swap in-game earnings into WEMIX tokens.
See related article: South Korea’s Wemade shares drop, WEMIX token plunges after delisting verdict