On Friday, Wemade Co. Ltd., a South Korean blockchain game developer, announced that they would be buying back and burning US$10 million worth of their native WEMIX crypto to stabilize its dropping value after four local cryptocurrency exchanges delisted the token on Thursday.
Wemade announced that it will be repurchasing and burning two of its tokens – WEMIX on its mainnet and WEMIX Classic on the Klaytn blockchain – until March 8, 2023.
The tokens will be bought at a time-weighted average price on global exchanges and the company’s decentralized finance (DeFi) platform, WEMIX.Fi.
The company acknowledged the recent removal of transaction support for WEMIX by four Korean crypto exchanges, which has caused “dismay to everyone involved” in the ecosystem.
On Thursday, the four largest cryptocurrency exchanges in South Korea – Upbit, Bithumb, Coinone and Korbit – delisted Wemade’s WEMIX token after the firm misreported its token circulation data.
This caused the token’s price to plunge 70%. However, after Wemade announced a buyback pledge on Friday, the token price surged 54% back to US$0.3, as per CoinMarketCap data.
Wemade’s WEMIX Classic token, prior to its blockchain upgrade in October, was banned from four exchanges. Despite this, the token still trades on 13 overseas exchanges, including Huobi and Gate.io, according to CoinMarketCap.
Moreover, the company token was listed on another local exchange, GDAC, on Thursday, while Seychelles-based crypto exchange OKX delisted WEMIX.
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