Wemix Plunges 60%, South Korean Exchanges Delist Token for Second Time

South Korean game developer Wemade’s cryptocurrency WEMIX experienced a sharp drop of over 60% on Friday, after five major exchanges in the country announced plans to delist the token for a second time. This decision followed concerns about the token issuer’s reliability and security practices, according to DAXA, an industry coalition consisting of Upbit, Bithumb, Coinone, Korbit, and Gopax. 75% of the price drop occurred within minutes, as investors reacted negatively to the news.