WeMix, a crypto coin issued by the South Korean gaming company WeMade, was removed from four of Korea’s largest crypto exchanges—Upbit, Bithumb, Coinone, and Korbit–on Dec. 8.

The Spill has received insider information and rumors from industry sources regarding what has happened behind closed doors at WeMade. Our sources include both current and former employees of WeMade and competitors in the industry.

The removal came a day after the Seoul Central District Court upheld the decision of the Digital eXchange Alliance (DAXA), a self- regulatory industry association consisting of the nation’s big five exchanges--the four aforementioned and Gopax--to cease the coin’s trading, due in part to WeMix presenting falsified reports on the coin’s circulation and accusations of embezzlement.

Spilling the Tea aims to provide an independent perspective from different sources. The delisting of WeMade highlights the risks involved in the crypto business, including not only regulatory issues but also corporate culture and leadership.

Note: The full report is only available for The Spill's VIP subscribers. One-time users, as well as monthly and annual subscribers, have access to limited report features.

1. Spilling the Tea

2. Reason for Delisting of WeMix

3. The Crypto Crisis Putting Web3 Gaming at Risk

4. Snowballing Losses

5. Not their first rodeo

6. Before you go

*Spilling the Tea is only available for The Spill’s VIP subscribers. One-time users, as well as monthly and annual subscribers, have access to limited report features.