South Korean gaming giant WeMade to buy back tokens after delisting saga

WeMix, a Web3 gaming network created by South Korean video game giant WeMade, announced that it will buy back and burn US$10 million in WeMix and WeMix Classic tokens.

WeMade tower / Photo credit: WeMade

The decision comes after four crypto exchanges in South Korea – Upbit, Bithumb, Coinone, and Korbit – delisted the token from their platforms due to a discrepancy between the amount of tokens in circulation and what was reported by WeMix.

In a statement, WeMade said that it will conduct the process between December to March next year. Tokens acquired through the buyback process will be transferred to a dead wallet to maintain token prices.

See also: Korean gaming giant WeMade leaves Klaytn to launch own Layer 1 blockchain

Founded in 2000, WeMade is a video game developer backed by Microsoft and Shinhan Asset Management, among others. It launched WeMix in 2019 as a stablecoin for its ecosystem.

One of its major titles is Mir4, a play-to-earn MMORPG.

WeMade said that it will ask the crypto exchanges to reconsisder their decision, but a court in South Korea has supported the delisting effort.

WeMix’s price dropped 80% from around US$1.50 before the delisting news to US$0.3 currently, based on CoinMarketCap data.