DeFi Platform Wemix.fi Halts Lending

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Wemix.fi, the decentralized finance platform for the cryptocurrency Wemix, has announced the temporary suspension of its lending and borrowing services on July 30.

This comes as the latest development in the tumultuous journey of Wemix, the cryptocurrency used by South Korean blockchain game developer Wemade.

In its announcement, Wemix.fi explained that the suspension was necessary due to current issues concerning the liquidation of its USD-pegged stablecoin, WEMIX$.

The company has promised to provide updates on when services will resume. This suspension comes on the heels of reports that Wemade’s former CEO, Jang Hyun-kook, had sold his shares in the company, causing the price of Wemix (WEMIX) to drop to a year-low of $0.94.

This is not the first time Wemix has faced a decline in value, as its price also took a hit in March after Jang’s resignation.