​Wemade Co. CEO Chang Hyun-guk vowed to pursue legal action against the decision of the Digital Asset eXchange Association (DAXA) to terminate transaction support to its cryptocurrency Wemix from Dec. 8.

DAXA, an alliance of Upbit, Bithumb, Coinone, Korbit, and Gopax, cited that Wemix had falsified information on the planned number of tokens in circulation and the actual number in the market.

Chang said they are preparing to file for a court injunction.”

Launched in 2020 as Wemade’s gaming platform token, Wemix has been traded at Upbit, Bithumb, Coinone, and Korbit, but not listed in the Gopax crypto exchange.

The DAXA decision, according to Chang, was done through an unfair and obscure process that did not provide an explanation.

Chang claims they have asked Upbit, DAXA’s leader, for its guidelines about the volume of tokens in the market, but it has remained silent.

Chang revealed that Wemade is now in talks with foreign crypto exchange operators like US platform Coinbase to trade Wemix.

Thus, the planned delisting in the Korean crypto exchanges will have a limited impact on Wemade’s entire business as most of their portfolios have already expanded globally.

Wemix traded at 747 won (US$0.50) on local crypto platforms as of 11:20 a.m. on Friday, down nearly 70 percent from the previous day’s 2,430 won.

Its market value tumbled to 149.3 billion won as of Friday from November when its market cap peaked at 3.6 trillion won.