South Korean Court Denies Injunction Against Crypto Exchanges for Delisting Metaverse Token Wemix: Report

A court in Seoul, South Korea denied a request for an injunction filed by metaverse project Wemade after its Wemix token was delisted from four South Korean crypto exchanges, according to a Yonhap report.

In November, Upbit, Bithumb, Coinone and Korbit said that the token would be delisted, prompting $287 million in market cap to evaporate as the token plunged from from $1.55 to $0.46.

The exchanges, which form the Digital Asset eXchange Association (DAXA), said that Wemix was being delisted due to inaccuracies in circulating supply figures, the report said.

Wemade filed for an injunction against the exchanges, stating that the decision was based on vague reasoning and that it damaged investors.

The court, however, dismissed the request on Wednesday.

South Korea has rapidly emerged as a hub for metaverse technology this year, with the government announcing that it will invest $200 million across the industry. Wemix was one of the firms that benefited from the government's bullish approach, reaching a market cap of $2.99 billion as interest surged.

The token has fallen by another 45% over the past 24 hours, slumping to an all-time low of $0.13 with a market cap of $46 million.

In October, Upbit put Wemix on its "warn list" after inaccurate token data was released.