(Bloomberg) -- South Korean online games company Wemade Co. said it will take legal action against an association of local crypto exchanges that plan to delist the company’s native token Wemix.
“The Wemix team neither acknowledge, nor agree with this decision, especially since the company has not been given an explanation about this resolution,” Wemade said in a statement Friday.
The statement came in response to a decision by the Digital Asset Exchange Alliance, which comprises the South Korean exchanges Upbit, Bithumb, Coinone, Korbit and Gopax, to halt trading of the token on Dec. 8. The association said Wemix coins circulated in the market “gravely breached” the planned number and “erroneous information” was given to investors, according to the statement on member Upbit’s website.
The decision led to a drop in value of the Wemix coin, along with declines in the share prices of Wemade and its affiliate Wemade Max. Wemade said in Friday’s statement that the decision will have a limited impact on its plans for next year.
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