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WEMIX price plunges 77% after South Korea’s crypto exchanges threaten to delist it

South Korea’s largest crypto exchanges have stated that the WEMIX tokens in circulation supply exceed what Wemix had disclosed. Key Takeaways South Korea’s largest crypto exchanges non-November 24 said they would terminate contract support for WEMIX. At press time the WEMIX token was trading at $0.3578 after a 24-hour drop of 77.12%. The exchanges had […]

The post WEMIX price plunges 77% after South Korea’s crypto exchanges threaten to delist it appeared first on CoinJournal.

South Korea’s largest crypto exchanges have stated that the WEMIX tokens in circulation supply exceed what Wemix had disclosed.

Key Takeaways

  • South Korea’s largest crypto exchanges non-November 24 said they would terminate contract support for WEMIX.
  • At press time the WEMIX token was trading at $0.3578 after a 24-hour drop of 77.12%.
  • The exchanges had issued an investment warning on Oct. 27 alleging that there was more WEMIX in circulation than Wemix had disclosed.

Alleged false information by Wemix

Bithumb, Upbeat, Coinone, Korbit and Gopax, which are part of a collection of South Korea’s largest cryptocurrency exchanges called the Digital Asset eXchange Alliance (DAXA), announced yesterday (Nov. 24) that they would delist the WEMIX token. DAXA alleged Wemix, the firm behind the WEMIX token, provided false information in response to an investment warning that DAXA had issued in October.

According to the announcement by DAXA, WEMIX trading is set to end on December 8, 2022.

On October 27, DAXA issued an investment warning alleging that there were more WEMIX tokens in circulation than what Wemix had disclosed. In response to the allegations, Wemix had pledged to work with DAXA to alleviate the concerns.

Wemix response 

Immediately after the delisting news broke, Wemix Communication released a statement claiming it had responded to the concerns raised by DAXA and had corrected a number of issues concerning the circulation supply, the team said:

“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”

Unfortunately, the market had already responded to the delisting news and the WEMIX token plunged by more than 70% within minutes of the news and it is still dropping.

The post WEMIX price plunges 77% after South Korea’s crypto exchanges threaten to delist it appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

FTX hacker may be a former employee, says Sam Bankman-Fried

Ex-FTX CEO Sam Bankman-Fried said the exchange’s hacker might be a former employee. The crypto exchange lost $650 million in a hack a few hours after it filed for bankruptcy. FTX was prioritising Bahamian withdrawals, SBF added. FTX lost $650 million in a hack after filing for bankruptcy Troubled cryptocurrency exchange FTX revealed that it […]

The post FTX hacker may be a former employee, says Sam Bankman-Fried appeared first on CoinJournal.

  • Ex-FTX CEO Sam Bankman-Fried said the exchange’s hacker might be a former employee.

  • The crypto exchange lost $650 million in a hack a few hours after it filed for bankruptcy.

  • FTX was prioritising Bahamian withdrawals, SBF added.

FTX lost $650 million in a hack after filing for bankruptcy

Troubled cryptocurrency exchange FTX revealed that it lost $650 million in a hack a few hours after filing for bankruptcy

During an exclusive interview with Tiffany Fong a few hours ago, former CEO Sam Bankman-Fried revealed that the hacker might be a former employee. He stated that;

“I’ve narrowed it down to like eight people. I don’t know which one it was. It was either a former FTX employee or someone who installed malware on a former employee’s computer.”

Prior to losing access to FTX’s systems, SBF said he was working hard to determine who moved the hundreds of millions of dollars from FTX’s accounts without company approval. He said;

“I don’t know exactly who because they shut off access to the systems when I was halfway through exploring it.”

FTX had asked the judge handling the bankruptcy case to allow it to hire BitGo to safeguard its assets during the bankruptcy proceedings. This is to ensure that the company’s assets are protected against hacks. 

FTX’s collapse was driven by the sell-off of FTT tokens

He added that the collapse of FTX was driven by a massive sell-off of its FTT token, which was primarily driven by fear. SBF added that FTX was processing withdrawals for its users in the Bahamas since it is the country the crypto exchange was incorporated. He said;

“It was critical to the exchange being able to have a future. You do not want to be in a country with a lot of angry people in it. The pathway forward for FTX involved Bahamians not being pissed at it,”

However, SBF admitted that processing withdrawals for users in the Bahamas and not other places was not a nice move on the part of the cryptocurrency exchange. The former FTX CEO denied allegations that he built a back door into FTX’s system that allowed him to move $10 billion to sister company Alameda Research. He concluded;

“I don’t even know how to code. I literally never opened the codebase for any of FTX.”

The post FTX hacker may be a former employee, says Sam Bankman-Fried appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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