1. PixelPlaygroundHome
  2. Metaverse Insights

WeMake Withdraws Lawsuit Against WEMIX Tokens on Digital Asset Exchanges

• Metaverse Insights • 118 views

On February 17, the South Korean game giant WeMake withdrew all the lawsuits against the WEMIX tokens on the exchanges under the Digital Assets Exchange Joint …

WeMake Withdraws Lawsuit Against WEMIX Tokens on Digital Asset Exchanges

On February 17, the South Korean game giant WeMake withdrew all the lawsuits against the WEMIX tokens on the exchanges under the Digital Assets Exchange Joint Advisory Agency (DAXA). Industry insiders said that WeMade submitted the withdrawal notice against Upbit, Bithumb Korea, Coinone and Korbit to the Seoul Central District Court.

WeMade withdrew the lawsuit against Upbit, Bithumb Korea, Coinone and Korbit for removing WEMIX

Interpretation of the news:


On February 17, WeMake, a South Korean game giant made an announcement that it had withdrawn all lawsuits against WEMIX tokens from digital asset exchanges under the Digital Asset Exchange Joint Advisory Agency (DAXA). The industry insiders revealed that WeMake had submitted a withdrawal notice against four major South Korean cryptocurrency exchanges such as Upbit, Bithumb Korea, Coinone, and Korbit to the Seoul Central District Court.

This move by WeMake can be interpreted in several ways. One could argue that this withdrawal by WeMake was an attempt to build bridges and establish good relations with these exchanges. Recently, many South Korean exchanges were cracking down on the trading of WEMIX tokens due to regulatory scrutiny, including the lack of a clear roadmap and uncertainities regarding the tokens. However, WeMake could potentially be developing a new cryptocurrency or blockchain project, and this could be a strategic move to foster a better relationship with these exchanges.

Another possible interpretation is that WeMake may have realized that the lawsuits were not worth pursuing in the long run, and it would be better to focus on other aspects of the business instead. Legal costs and lengthy court cases can be a drain on a company’s resources and attention, and the withdrawal may have been a decision based on these considerations.

Lastly, this withdrawal could be interpreted as a sign of WeMake’s wavering confidence in the WEMIX Token’s value and future prospects. The company announced the launch of the WEMIX Token in July 2020, and it was initially received with great excitement and anticipation by the gaming and cryptocurrency communities. However, the token’s growth has been slow, and it has since faced many challenges in terms of regulation, adoption and market performance.

In summary, WeMake’s withdrawal of the lawsuits against the WEMIX tokens on the major cryptocurrency exchanges in South Korea can have multiple interpretations, which could suggest that the future of WEMIX is uncertain. However, it could also be an indication that WeMake is seeking to focus on other aspects of the business, and it could be working on new projects within the blockchain and cryptocurrency sector.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1269/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/17/2023 11:13
Next 02/17/2023 11:48

Recommended articles