The Digital Asset Exchange Joint Consultative Body (DAXA) has refuted Wemade’s “upbit responsibility theory,” stressing that the decision to delist Wemix was unanimously agreed by all member companies.



Representatives of the five major virtual asset exchanges are taking photos at the launch ceremony of DAXA, a consultative body, on June 22. From the left of the picture, Lee Jae-won, CEO of Bithumb, Cha Myung-hoon, CEO of Coinone, Lee Joon-haeng, CEO of Gopax, Kim Jae-hong, CEO of Covit, and Lee Seok-woo, CEO of Upbit. Photo courtesy of = DAXA

DAXA said in an official statement on the 28th, “We went through a total of 16 calls in about 29 days regarding WeMix,” adding, “All of the member companies (Upbit, Bithumb, Coinone, and Covit) that support the virtual assets have reached the same conclusion that the transaction support is terminated according to their respective standards.”

This is interpreted as a direct denial of the “upbeat responsibility theory” raised by Wemade CEO Jang Hyun-guk. At an emergency press conference held on the 25th, CEO Jang claimed that “the decision to close down was due to Upbit’s “super power abuse” based on the fact that he submitted only one distribution plan that started the situation.” CEO Jang said, “As other exchanges do not have a distribution plan, there is no problem with the difference in distribution volume,” adding, “It is very natural to think that Upbit led the problem.”

DAXA went on to say, “WeMix failed to give sufficient explanation and above all, failed to restore damaged trust,” adding, “We inform you that the decision was made according to the consensus of each member company that ending the transaction support is reasonable for market trust and investor protection.” In the end, he emphasized once again that Wemade’s fault led to the closure. Wemade objected to DAXA’s decision and announced various legal actions such as filing an injunction and filing a complaint with the Fair Trade Commission