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[Delio] South Korean Crypto Exchanges Accused of Instigating Token Removal | <Virtual Talk> Weekly Crypto Report S2E4

The Crypto market has been seeing ups and down weekly.

This week we are investigating Wemix’s delisting details, ConsenSys Privacy Policy updates, and how those affect the financial market.

James Jung, CEO of Delio and director at Korea Financial Investment Association

Former vice-chairman at Korea Blockchain Startup Association

Ko Ran, CEO of Algoran, an economic-focused YouTube channel

Former reporter for the JoongAng Ilbo economy

Kim Donghwan, CEO of Wonder Frame

Former reporter at the CoinDesk Korea

Pinpointing the past week’s crypto news highlights

1. ConsenSys Privacy Policy update

2. Wemix delisting prompts jitters

3. SK coin to be released by the next year

ConsenSys Privacy Policy update

ConsenSys is the leading Ethereum software company offering developer tools and enterprise solutions.

In the last week, ConsenSys has informed users that it is set to collect additional data from those using its popular Infrura tool, attracting criticism on social media.

The Ethereum network, which serves as the foundation for several important Web3 projects, including Aragon, Gnosis, OpenZeppelin, and ConsenSys’s own flagship wallet service MetaMask, is accessible to users through the API-based utility called Infura. ConsenSys’s privacy policy updates that if you conduct a transaction using Infura as your preferred remote procedure call (RPC) provider in MetaMask, it will record both your IP address and your Ethereum wallet address.

Furthermore, according to the US crypto regulations, the responsible committee consensus protocol for permissionless blockchain, shortly DCCP, will more likely be collecting blockchain-based data in the future.

Wemix delisting announcement

WEMIX is the Korea’s top P2E gaming platform announced about the upcoming delisting of the platform native token Wemix which can be used within the platform.

Henry Chang, the CEO of Wemade, claims that the South Korean cryptocurrency exchange Upbit was responsible for the decision to delist WEMIX by the Digital Asset Exchange Joint Consultative Body (DAXA). The CEO of Wemade charged Upbit with using inconsistent standards and failing to provide his business with the rules governing token supply leading Wemix coin to be delisted in December from 5 major local exchanges such as Upbit, Bithumb, Coinone, Corbit, and Gopax.

However, Chang disclosed in his online press conference on November 24 that Upbit, allegedly South Korea’s largest cryptocurrency exchange, had banned WEMIX prior to the delisting announcement because there was a disparity between the intended and actual tokens in circulation. Chang said Upbit should have provided Wemade with the token circulation rules or guidelines when they requested them.

Notably, WEMIX represents over 90% of domestic trading volume, meaning that delisting prompts jitters in the crypto market, causing new waves in the crypto ocean.

Alongside the local exchanges, Wemix is listed on major global platforms including OKX, MEXC, KuCoin and Huobi.

However, as soon as the delisting information was announced by a few media outlets, OKX pouring funds into Wemix futures taking advantages of the information leaked before the official announcement.

SK coin to be released by the next year

A partnership agreement between SK Telecom and other blockchain companies is being developed to create a digital wallet that can handle cryptocurrencies, non-fungible tokens, and digital credentials ahead of the metaverse launch in 49 countries.

Notably, SK rates one of the Top 10 South Korean giants and a wireless telecommunications operator and former film distributor and is part of the SK Group. Its products include newly launched metaverse, wireless data, and information communication.

The manager of SK Telecom claimed that the project’s goal is to provide online financial opportunities and interconnect with the metaverse. Moreover, it targets DAO (Decentralized Autonomous Organization), offering innovations in online business.

Watch the full episode to learn more about crypto news for the past week (KOR):

https://www.youtube.com/watch?v=wC1002C7wrs

<Virtual Talk> is a Korean online program held by a leading Korean Economic Broadcast channel. The program is dedicated to discussing the world’s recent trends in the blockchain, cryptocurrencies, DeFi, and NFTs, issues that occurred in the Korean and global digital asset market, and the direction of the industry development and new digital asset pledge bills and regulations.

To provide easy-to-understand and accurate information on the digital assets industry, Delio will be weekly joining Season 2 of <Virtual Talk Virtual Asset>.

Live Stream: every Monday 7 PM (KST)

Live Stream Platform: Korea Economy TV

Stay updated on the recent crypto news with <Virtual Talk> Season 2.

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Delio

Delio Digital Asset Finance Group, established in 2018, is №1 fintech company based in Seoul and acquired digital asset licenses from Korean and US governments.