Microsoft-backed WEMIX drops 68%, delisted by five top exchanges

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Cryptocurrency blogger Colin Wu announced that five major South Korean exchanges are delisting WEMIX tokens. Among the investors of this gaming platform is the Microsoft giant.

The Korean Digital Asset Exchange Alliance (DAXA), which consists of platforms including Upbit, Bithumb, Coinone, Korbit and Gopax, found that the creator of the WEMIX token provided false information to it before listing. Those platforms will stop trading the token on Dec. 8.

The news sent the token’s price plummeting more than 68%.

WEMIX_68percent00qwefreg09u23i4refCMCImage via CoinMarketCap

WEMIX is an Ethereum-based token developed by Wemix Pte. Ltd. This is a subsidiary of Wemade, a game developer established 22 years ago that has developed many popular games in Korea.

It also created the legendary RPG that was hugely popular in China and sold 5 billion copies. Most recently, Wemade raised $46 million from Microsoft, Shinhan Asset Management, and others.

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