Wemix.fi Suspends Lending Services As Wemade Wins $7M Token Dispute
Wemix.fi, a decentralized finance platform associated with the South Korean blockchain game developer Wemade, has suspended its lending and borrowing services, despite Wemade’s significant legal victory in a $7 million token dispute.
This is an unexpected development, particularly considering Wemade’s digital assets and the regulatory scrutiny they are currently facing.
Wemade launched its Wemix platform in May 2022, introducing a stablecoin fully collateralized by USD Coin, $WEMIX. The platform showed early promise, attracting a $46 million investment from Microsoft by November 2022, with its Legend of Mir game garnering over 200 million signups.
However, Wemix.fi soon faced accusations of misrepresenting the amount of its token in circulation, leading to $WEMIX delisting from South Korea’s main cryptocurrency exchanges.
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