South Korea is continuing its fight against a potential FTX-style crash, with the recent court ruling ordering WeMade to remove its WEMIX token from the country’s stock exchanges. According to the Korea Herald, the Seoul District Court backed the decision of the Digital Asset eXchange Alliance (DAXA) to delist the token after WeMade failed to disclose the right amount of tokens outstanding.
The ruling stated that, as crypto assets are not subject to complete regulation or have the same price determination power as the stock market, the distribution number is highly important in determining the price. This is determined by the balance between supply and demand.
WeMade have since filed a complaint to the Korea Fair Trade Commission, the country’s major competition authority, and have also proposed launching a lawsuit against the DAXA decision. As a result of the delisting, the value of the WEMIX token has dropped dramatically, losing 60% of its value in the past 24 hours and 90% in the past 30 days.
However, the token has seen a recovery today, with rates up by 98.46% in the last 24 hours and a market capitalization increase of 100.18%. Volume on the other hand has dropped by 94.96%. If reports are to be believed, WEMIX could soon be joined by other tokens as DAXA is currently looking into other listings.