Microsoft-backed Wemade, a South Korean online games company with blockchain interests, said it would take legal action against DAXA (Digital Asset Exchange Alliance). DAXA, an association of South Korean cryptocurrency exchanges, recently decided to delist Wemade’s token Wemix, triggering Wemade’s response.
Earlier this month, Wemade received $46 million in funding, of which Microsoft invested $14.8m through convertible bonds. The other backers were Shinhan Asset Management and Kiwoom Securities. Following the investments, the company announced its plan to release NILE, a DAO-powered blockchain, which will include a marketplace for NFTs.
Circling back to the Wemix token, DAXA found that Wemade distributed more Wemix tokens than disclosed in its plan. It also alleges inaccurate information was conveyed to investors via the company’s blog posts and disclosures. Wemade has since released a statement to vindicate itself, mentioning that efforts were made to rectify errors, and it submitted the required data.
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