Wemade’s Stock Fall 30% After Exchanges Announce $WEMIX Token Delisting

Upbit, Bithumb, Coinone and Korbit announced on Thursday that $WEMIX, the token of South Korean blockchain game developer Wemade, will be delisted from the exchanges. Wemade stock have since fallen 29.89% on Friday, with its other KOSDAQ-listed subsidiaries also affected: game software maker Wemade Max fell 29.92% and mobile game developer Wemade Play fell 29.93%.

Those declines had a ripple effect on other Korean gaming giants, with stock of Com2uS Holdings down 6.27%, DragonFly down 8.56% and Netmarble down 3.39%, according to Naver Stock data.

$WEMIX will be delisted in December, but since Thursday's announcement, $WEMIX's price on the Upbit and Bithumb exchanges has fallen more than 70%. Wemade will file injunctions against the four exchanges to rescind the delisting announcements.