Wemade Blocks Wemix Wallets of 7 Million People Amidst Illegal Operations Investigation

Wemade Blocks Wemix Wallets of 7 Million People Amidst Illegal Operations Investigation

Wemade, the South Korean gaming company, has announced that it will be blocking IP access from South Korea and discontinuing Korean language support for its proprietary cryptocurrency wallet, 'Playwallet', starting from the 25th of next month. Playwallet is a wallet based on Wemix, the blockchain mainnet created by Wemade, where virtual assets from games belonging to the Wemix blockchain ecosystem are stored and can also be exchanged for Wemix, a virtual asset issued by Wemade. This move comes after the Southern District Prosecutors' Office began investigating Playwallet and Phoenixdex, a DEX developed by Wemade, in April for allegedly operating as Virtual Asset Service Providers (VASPs) without registering with the government. The investigation is still ongoing, and it is unclear what the consequences will be for Wemade if it is found to have violated the law. However, the company's decision to block access from South Korea and discontinue Korean language support for Playwallet suggests that it is taking the investigation seriously. The blocking of Playwallet will affect approximately 7 million people, who will no longer be able to access their Wemix wallets or trade Wemix tokens. It is unclear how this will affect the Wemix ecosystem, but it is likely to have a negative impact on the price of Wemix tokens. The investigation into Wemade is a reminder that the South Korean government is taking a tough stance on unregistered VASPs. In recent months, the government has cracked down on several other unregistered VASPs, including Bithumb and Upbit. It is important to note that the investigation into Wemade is ongoing, and the company has not been found guilty of any wrongdoing. However, the decision to block access from South Korea and discontinue Korean language support for Playwallet suggests that the company is taking the investigation seriously.