Shares of South Korean blockchain game maker Wemade Co. have been awarded the court's There was a complete decline on Thursday after four local cryptocurrency exchanges failed to approve Wemade's injunction to prevent them from continuing in the phase of removing the crypto token from their platforms.
Seoul Central District Court on Wednesday Upbit, Bithumb, Coinone and Korbit exchanges' request to eliminate thoughts of removing the WEMIX token from the list. All four of these exchanges account for more than 95% of the cryptocurrency trading volume in the country.
The four aforementioned exchanges announced that they stopped trading on WEMIX at 15:00 on Thursday.Exchanges that have expressed their opinion by referring to previously misinformed circulation numbers for the token, They have stated that they will support the holders of WEMIX tokens to take a step back by January 5, 2023.
Another piece of bad news for Wemade is Global cryptocurrency exchange OKX also said on Thursday that it will remove WEMIX from its platform.
Wemade shares fell 23% to 30,200 Korean won ($22) in previous trading on South Korea's KOSDAQ market. Last month, the shares traded at 61,000 won. WEMIX has fallen 71% in the last 24 hours to 5 p.m. in Seoul.
WEMIX fell 98% to $0.2 so far this year from $10 in early 2022, while Wemade shares lost 83% at the same time.
Shares of Wemade's subsidiaries, which are trading on South Korea's KOSDAQ stock exchange, also declined on Thursday,gaming software maker Wemade Max fell 22% and mobile game maker Wemade fell 5%.
Exchanges make up four of only five cryptocurrency exchanges licensed to create fiat money-to-crypto transactions in South Korea.The remaining 31 exchanges are restricted to token-to-coin trading.