Game developer Wemade’s inaccurate disclosure about digital token’s circulation was a wake-up call for regulators
As complaints against Wemix exploded, DAXA — composed of five main trading platforms Upbit, Bithumb, Coinone, Korbit and Gopax — decided to delist the coin in its first significant self-regulatory action, potentially setting a precedent for other exchanges in the US and Europe. But Wemade then filed an injunction against DAXA, claiming that the move was anti-competitive.
“It was the first legal case in Korea against a major coin issuer sending out false information,” says Kim. “It was a watershed ruling showing that regulations for securities can apply to digital tokens as well.” Wemix was eventually reinstated by Coinone in February after Wemade took corrective action, including buying back and cancelling some tokens.
In another case that highlights concerns over the behaviour of crypto operators, Kang Jong-hyun, the de facto owner of Bithumb, has been charged with embezzlement, breach of trust and stock manipulation involving the exchange’s affiliates. Yulchon is not representing Kang and Kang’s lawyer has denied the charges in court.
In February, the government announced its own guidance for security tokens — digital forms of stocks and bonds — in an attempt to improve confidence in the digital asset market.
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