Statement for the community of WEMIX3.0 in response to the unilateral decision on WEMIX transaction support termination by DAXA

WEMIX was flagged with an “Investment Warning” by the Digital Asset eXchange Alliance(DAXA) on October 27, 2022 due to the difference in expected circulating supply and the actual circulating supply of WEMIX. The WEMIX team has, since then, worked towards resolving the situation and removing the “Investment Warning” flag through submission of all requested documentation and implementation of measures intended to bring clarity to the situation.

Key vindication efforts include;

• Recognition of the difference in view between the expected circulating supply and the actual circulating supply of WEMIX, and our proactive decision to recover the collateralized WEMIX from the liquidity pool for KSD loan.
• Correction of the 20 million WEMIX, which was voluntarily burned in February 2022, being included in the circulating supply.
• Correction of the Foundation’s wallet-to-wallet transactions from being included in the total circulating supply.
• Investigation and confirmation of differences in balance between Foundation wallets and transaction history from the beginning of the former WEMIX chain to the launch of WEMIX3.0.
• Sincere and earnest response to all requests and concerns raised by DAXA throughout the review period and submission of materials and data to support our vindication.

Nevertheless, today, November 24th, the Digital Asset eXchange Alliance(DAXA) decided to terminate transaction support for WEMIX.

First and foremost, the WEMIX team would like to extend our deepest apologies to the communities and investors who we imagine would be shocked by this incident. We are also disappointed by the action of the Digital Asset eXchange Alliance(DAXA) where they chose to disclose their final decision via media and exchange notice boards rather than directly notifying the WEMIX team of the decision, which in turn did not provide the us with the opportunity to correctly communicate to our community and investors for their best interests.

The WEMIX team is disappointed by the decision of the Digital Asset eXchange Alliance(DAXA), and will immediately and actively respond to the situation through all possible means and available methods in order to have DAXA retract their decision and maintain transaction support for WEMIX.

The reason for the termination of transaction support by the Digital Asset eXchange Alliance(DAXA) is;

• Although we have acknowledged and corrected issues found in the past, and have proactively taken action to restore distorted information to its correct state, and have implemented improvements in the management system,
• Their decision suggests that errors of the past are deemed irrevocable and are the main cause for termination of transaction support. The WEMIX team strongly believes this to be the result of an irrational approach in resolving the situation.

The important thing is;

• The flagging of the “Investment Warning” for WEMIX was caused by the difference between the expected circulating supply and the actual circulating supply of WEMIX which was previously submitted to a specific exchange(CEX),
• Which was immediately corrected to restore the difference in supply to a matching state with supplemental documentation and data explaining the cause of the dissimilarity,
• and was proven by submitting data for all Foundation wallets and their balances to be cross-referenced with the correct circulating supply of WEMIX.

The WEMIX team has resolved the cause that led to the problem, but DAXA made the decision based on the cause itself or other non-related factors, which makes us suspect that they did not need our explanations in the first place. The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance(DAXA).

Becoming flagged with an “Investment Warning” from DAXA has made us reflect on the fact that our internal operations were not fully systematic, and we believe that, through this process, we established and improved our internal management system throughout the process.

It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.

The WEMIX team has never circulated or sold WEMIX without prior disclosure, and all of our tokens are stored securely in Foundation wallets and/or smart contracts accessible only by the Foundation. Our circulating supply is verified by globally recognized data service provider CoinMarketCap, and this proves that the actual circulating supply is no greater than the expected circulating supply we submitted to a specific exchange during the review period.

Once again, we express our deepest apologies to the community and our investors for the disappointment and concern resulting from the decision made by Digital Asset eXchange Alliance(DAXA) today.

Make no mistake, WEMIX- the very essence and the heart of our platform-driven and service-oriented mega-ecosystem, will prevail through honesty, perseverance, and devotion.

We would like to thank our community as well as investors for their continued support and trust.

The WEMIX team