Evaluating only Wemix (Wemade) Delisting Crisis’s profile at its peak — without knowing the outcome — the model ranked Market collapse as the #1 likely cause. Documented cause: Fraud.
Key Events Timeline
FOUNDING
Wemade launched WEMIX blockchain gaming token and ecosystem based on existing MMORPG portfolio.
PRODUCT LAUNCH
WEMIX token surged to $30, reaching $2B+ market cap as play-to-earn gaming narrative peaked globally.
FRAUD EXPOSURE
DAXA delisted WEMIX after discovering 1.06B tokens in actual circulation vs 298M disclosed; CEO Chang denied wrongdoing.
SHUTDOWN
WEMIX crashed 80% in 48 hours; Korean prosecutors launched market manipulation probe against CEO Chang Hyun-guk.
Full Analysis
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Documented cause
Wemade's WEMIX token, launched in 2020 by CEO Chang Hyun-guk as a blockchain gaming ecosystem token, reached $30 in November 2021 with $2B+ market cap. In November 2022, South Korea's Digital Asset Exchange Alliance (DAXA) delisted WEMIX after Wemade misreported the number of circulating tokens—disclosing 298 million while 1.06 billion were actually in circulation. WEMIX crashed 80% in 48 hours. Wemade filed defamation lawsuits against DAXA exchanges; Korean prosecutors investigated Chang for market manipulation.
Lesson
“Token supply transparency is non-negotiable; inflating circulation figures is fraud that triggers exchange-level death sentences.”