Wemade, a South Korean blockchain game developer, is working on a fix for its cryptocurrency WEMIX, which was added to a “investment warning” list by four major crypto exchanges in the country for inaccurately reporting circulation numbers. According to Upbit, South Korea’s Digital Asset eXchange Association (DAXA) designated the WEMIX token as an investment of caution on Oct. 27 after discovering that the token’s circulation information was incorrectly delivered. In January, the WEMIX issuer provided Upbit with an estimated circulation of 245 million tokens. However, actual WEMIX tokens distributed until October 25 exceeded the estimate by approximately 72 million. Wemade in its notice said that will improve its disclosure system to publish information before expanding circulation, and it will entrust its token holdings to a third-party custodian for greater predictability.
